Luxury properties – Pushing through the fog

Despite the sharp fall in interest and sales in the high-end luxury property market, developers are pushing through the bad times and focusing on the light in the horizon, however far.

Cairnhillnine CondoPhoto credit:

This year, CapitaLand is leading the way with their integrated 99-year leasehold Cairnhill project which consists of the 268-unit CairnHill Nine condominium and the 220-unit serviced residence Ascott Orchard Singapore. The development will stand at what used to be Somerset Grand Cairnhill and will connect to Paragon Shopping Mall via a link bridge.

Prices at the prime district property can expect prices to hover around $2,500 psf, which is competitive considering the recent market landscape. Most of the units are one- and two-bedders from 592 to 1,325 sq ft, which might make for easier leasing. One-bedroom apartments here will start from $1.35 million and a good 90 per cent of the units will be priced affordably below $3 million.

By merging residential apartments and serviced residences, CapitaLand is hoping to offer unique suite of services including concierge or housekeeping services even to privately-owned residential units. To be completed by end of 2016, the project looks sets to attract local as well as international investors. Other launches to look forward to from the same developer include The Nassim and Victoria Park Villas.