A 3,305 sq ft four bedroom unit at Cairnhill Plaza in Orchard was recently sold for $4.5 million or $1,362 psf, after being held for close to eight years. The transaction reflects a loss of $80,000 for the seller, who had previously purchased the unit in September 2008 for $4.58 million. Compared to similar sized units, the 32nd floor unit was transacted at the lowest price since 2007. Prior to this transaction, a 3,305 sq ft unit on the third floor was sold at $4.9 million or $1,483 psf in March 2015.

Transactions at Cairnhill Plaza had hovered around a median price of $1,634 psf between 2008 and 2014. Prices has only recently dropped below $1,400 psf in May 2015, when a 2,852 sq ft unit changed hands for $3.8 million, or $1,332 psf. Only one of the three units sold since May 2015 exceeded $1,400 psf, according to caveat records released by URA.

Cairnhill Plaza is a 204-unit freehold apartment located on Cairnhill road in District 9. The project was completed in 1978 and is a stone’s throw away from Orchard Road shopping belt.

Recent transactions at Cairnhill Plaza for 3,305 sq ft units

Source: URA, The Edge Property