In the exclusive Cairnhill Circle enclave in District 9, a 1,162 sq ft, three-bedroom unit at Cairnhill Residences is on the market for $2.28 million ($1,962 psf), according to a listing on TheEdgeProperty.com.
The unit is currently vacant and in move-in condition. Located on the second floor of the tower block, the unit overlooks the swimming pool and the greenery of the neighbouring luxury condominium Hilltops, says Lynn Er, a property agent with ERA Realty who is marketing the property.
The owner is believed to be a foreigner who purchased the unit a decade ago when the project was still under construction. At the time, prices of three-bedroom units on the low floors (below the 10th floor) ranged from $1,725 to $1,859 psf, based on caveats lodged then.
Cairnhill Residences was developed by Allgreen Properties and completed in 2009
At the peak of the market in May 2010, a 1,238 sq ft, three-bedroom unit at Cairnhill Residences was sold for $3.18 million ($2,569 psf). The purchaser resold it in August 2014 for $2.6 million ($2,100 psf), according to a caveat lodged then.
Cairnhill Residences was developed by Allgreen Properties and completed in 2009. It has 97 units in twin 20-storey towers. The freehold project has two-bedroom units of 904 sq ft, three-bedroom units of 1,163 to 1,173 sq ft, three-bedroom units on the first level that come with private enclosed space and are therefore larger at 1,421 to 1,432 sq ft, as well as penthouses of 2,131 to 2,497 sq ft.
The most recent transaction at Cairnhill Residences was for a 1,173 sq ft, three-bedroom unit on the ninth floor that changed hands for $2.3 million ($1,960 psf) in September 2016. The unit was last sold for $2.18 million ($1,859 psf) in February 2007.
Three-bedroom units at Cairnhill Residences have been leased at monthly rents of $4,600 to $5,500, depending on the unit size and orientation.