The stream of en bloc sales does not look like it will let up anytime soon. The success attained by many developments have boosted confidence all around. Developments which have previously tried their hand at the collective sale process and failed are making bold attempts once more.
Most of these land sites are in prime spots, near transport nodes, amenities or the town centre. The most recent development to join the list is Cairnhill Mansions in Cairnhill road. The site is in the desirable district 9 of Orchard road and River Valley. Quiet and exclusive but near enough to town and the Orchard road shopping belt.
This is Cairnhill Mansions’ 5th attempt at making a collective sale, this time at a slightly higher price than their last try at $361.5 million in 2011. The owners are considering the selling price of $362 million. That works out to be $5.7 million or $2,800 psf for each owner of the 61 apartments in the development. The complex has a maximum gross floor area of 172,240 sq ft which could produce 140 new units.
Residential land sites in prime locations command premiums
Residential land sites have thus been mainly in the suburbs, with the exception of the recent Jiak Kim road site on with the former Zouk club used to stand. This new Cairnhill road site will add spice to the fodder and developers are expected to take a bite. Despite the relatively smaller size of the site, in comparison to former HUDC estates, the plot’s prime address is expected to command the price tag of $2,101 psf per plot ratio.