Property Spotlight: The Cairnhill area (Part 1)

With a slew of condominiums being completed in the Cairnhill area, such as SC Global’s 240-unit Hilltops, Wing Tai Holdings’140-unit Helios Residences and, most recently, the 58-unit Ritz-Carlton Residences, investor interest has returned to the neighbourhood.

The most recent recorded transaction at the freehold Hilltops was in August, when a 1,335sqft unit on the third floor was sold by the developer for $4.71 million ($3,528psf). At the freehold Helios Residences next door to Hilltops, a similar-sized unit on the 13th floor was sold for $3.42 million ($2,604psf) in a sub-sale. Another similar-sized unit on the first level of Helios Residences was sold by the developer for $4.05 million ($3,084sqft). At Ritz-Carlton Residences, developer KOP Group’s asking price is from $3,800psf.

Meanwhile, at the fully sold 165-unit Urban Suites by CapitaLand, located on Hullet Road, off Cairnhill Road, there was a recent sub-sale of a1,572sqft three-bedroom unit on the 15th level for $4.43 million ($2,821psf). The seller had purchased the unit when the project was first launched early last year for more than $3.88 million ($2,472psf), hence recognizing a capital appreciation of about 14% in less than two years.

Urban Resort Condominium, next door to Urban Suites, a joint-venture development by CapitaLand, is more exclusive, with just 64 units. As at end-September, 34 units have been released and 23 sold, with the latest transaction at a median price of $2,968psf.

Next to Urban Suites and Urban Resort is Sing Holdings’ 229-unit The Laurels. As at end-September, 213 units at the development have been sold. The most recent transaction, according to URA, was for a 549sqft unit on the ninth floor that changed hands in a sub-sale for $1.62 million ($2,951psf) last month. The seller had purchased the unit from the developer in March last year for $1.44 million ($2,629psf).

Apartments in the Cairnhill district have traditionally attracted investors, given the prime Orchard Road location, as these units tend to be popular with high-level expatriate executives, say property agents.

According to Benson Koh, senior group district partner of SLP Real Estate Empire, properties in District 9 tend to draw foreign investors, who intend to use the apartments as a holiday home. “These investors are likely to favour new projects such as Urban Resorts and Urban Suites, owing to their proximity to Orchard Road,” he says.   {To Be Continued}

Source: THEEDGE SINGAPORE

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