After a High Court ordered an additional $867,004.79 to be given to a penthouse owner of Cairnhill Mansions, the condominium apartment can finally proceed with the collective sale of their property.
High Court orders additional $867,004.79 to be accorded to penthouse owner
The penthouse owner, Mrs Nio, will receive approximately $16 million for her unit instead of the previous $15.2 million.
The $867,004.79 will be equally shared between the owners of the other 60 units. It comes up to be about 0.25% for each of the other unit owners or $14,400 of the original $5.77 million they were supposed to receive.
Most of the other units are sized at 188 sq m while the penthouse is more than 4 times the size at 792 sq m.
The property was originally purchased by Low Keng Huat, a civil engineering and property development firm, in February for $362 million. They also acquired the adjacent 67 Cairnhill road for $100 million.
The acquisition of Cairnhill Mansions, however, was stopped when the owner of Cairnhill Mansions (69 Cairnhill road) applied to the Strata Titles Board with regards to a wrongful method of valuation that worked against her favour.
Now that the issue of property valuation is resolved, the collective sale committee of Cairnhill Mansions can now apply to the High Court to proceed with the sale.
Cairnhill Mansions site aptly situated in the prime district
The site on which Cairnhill Mansions sits is quite the sweet spot.
It is in the prime district 9, near Newton and also the Orchard Road shopping belt. Dining and entertainment options are aplenty, with easy access to public transport while offering a serene and exclusive environment. Schools nearby include Chatsworth International, Anglo Chinese Junior and Anglo Chinese Primary and Barker road. The Newton MRT station and hawker centre are also in the vicinity.