SINGAPORE – The en-bloc boom has prompted freehold Cairnhill Mansions to try to pull off a collective sale – its fifth attempt.
It has won the backing of more than 80 per cent of the owners threshold and a public tender will soon be called, marketing agent CBRE said on Thursday (Oct 5).
Home owners are hoping for at least $362 million for the prime 61-apartment property, which has a roughly 172,240 sq ft maximum gross floor area.
A redevelopment could yield as many as 140 new units in a tower of up to 36 storeys – twice the height of the existing 18-floor block.
Built in 1963, the condominium in Cairnhill Road is about 400m away from Newton MRT station and close to both the central business district and Orchard Road retail belt.
CBRE director of capital markets Galven Tan touted the site’s prime location, large size and freehold status as a winning combination.
“Judging by the trigger of the land parcel at Jiak Kim Street and the market response to the site, it is clear that developers are keen to enter the high-end residential segment,” said Mr Tan.
“Thus far, private land sale sites have been confined to the suburban areas of Singapore.”
The estate’s last collective sale bid was in 2014, but that attempt failed to garner the required 80 per cent of owners’ support.
A previous try in 2011 failed to find a buyer who could meet the $361.5 million reserve price.
“Source:[Selling en bloc: Cairnhill Mansions jumps on bandwagon for the fifth time, with $362 million guide price] © Singapore Press Holdings Limited. Permission required for reproduction”