Project Spotlight: The Cairnhill area (Part 2)

However, there are also some local investors who feel that older condos priced below $2,300psf are “value-for-money buys”, compared with new launches from $2,500 to $3,500psf currently. “Hence, they think it’s a good time to take position,” says Samuel Eyo, associate director of Savills Prestige Homes.

That explains the spate of transaction in the Cairnhill area, as seen in the data downloaded from URA Realis on Oct 26. Many of the transactions are for resale units of older condos at $2,000 to $2,100psf.

For instance, at the 248-unit freehold Cairnhill Crest, completed in 2004, an 818sqft one-bedroom unit on the 12th floor of one of the towers was sold for $1.75 million ($2,139psf). The seller had purchased the property in 2006, when the project was first launched, for $1.17 million ($1,426psf). He saw a gain of almost 50% over the last five years.

Across the road is The Light @Cairnhill, a 118-unit freehold project by Wing Tai Holdings that was completed about the same time as Cairnhill Crest. A 1,496sqft three-bedroom unit on the first level was transacted at $3.05 million ($2,039psf) on Oct 6. The seller had bought the unit in 2004, when the project was launched, for $2.51 million ($1,680psf). In the Cairnhill Circle neighbourhood, near Hilltops is the 97-unit Cairnhill Residences, a freehold twin-tower condo by Allgreen Properties that was completed in 2009. A 1,163sqft three-bedroom unit was recently sold for $2.36 million ($2,031psf). The first buyer had purchased the unit when the project was launched in February 2007 for $2.01 million ($1,727psf) and sold it in May 2009 for $1.73 million, which was 13.8% below the original purchase price.

At the top of Cairnhill Rise is the 20-unit Cairnhill Heights, which was completed 25 years ago. A 1,281sqft two-bedroom unit on the 10th level was sold early this month for $1.75 million ($1,366psf).

Nearby is the 158-unit freehold Vermont on Cairnhill by Bukit Sembawang Estates that is still under construction. To date, about 60% of the units have been sold, with the latest transaction being the sale of a 527sqft unit for $1.45 million ($2,749psf).

In the vicinity is also the 50-unit luxury project by Far East Organization called Alba. Of the 42 units released to date, more than half have been sold, with the latest recorded transaction being that of a 2,056sqft unit, which was sold for $6.45 million ($3,140psf) in May. The developer’s “white-plan concept” gives owners the flexibility of customising the interior spaces of their units.

Located just behind Paragon shopping mall on Bideford Road, just off Cairnhill Road is Richmond Park. The condo was completed 15 years ago, and the most recent transaction at the 159-unit development was that of a 1,259sqft unit on the third floor that was sold for more than $3 million ($2,450psf). It does seem like buyers have a lot of choices in the Cairnhill area alone.

Source: THEEDGE SINGAPORE

One concern that the wife and I have about the Cairnhill area is the traffic along Bideford and Cairnhill Roads, which is already very busy at present. Once all the new developments mentioned in the article is ready for occupation, it may raise quite a few blood pressures just trying to get in and out of the various condos around the area. And if you pay in excess of $2,000psf for your unity, we wouldn’t expect you to take the MRT (or bus) much to get around…
.

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

.