Cairnhill Heights owners seeking more than $80 mil in collective sale

Cairnhill Heights is set to launch its latest collective sale attempt on Dec 19 — its last attempt being in 2007, at the height of the last collective sale fever. ERA Realty, the marketing agent, says that 91% of the owners have consented to the collective sale.

The asking price is in excess of $80 million ($2,045 psf ppr), including estimated development charges. The freehold residential site measures about 15,408 sq ft and has an existing 19-unit apartment building. Under the 2014 Master Plan, the site is zoned “Residential”, with a gross plot ratio of 2.8.

The asking price translates into an estimated breakeven price of $2,400 to $2,600 sq ft, says ERA. “The developer can consider building a boutique project with 42 units, each measuring 1,100 sq ft,” says Jeremy Rikas Chiu, group division director of ERA Realty. This is subject to authorities’ approval for the site to be redeveloped up to a gross floor area (GFA) of 47,455 sq ft, or a plot ratio of 3.08, he adds.

The site is located within the prestigious Cairnhill enclave, within walking distance of the Newton MRT station and Anglo-Chinese School (Junior).

The tender closes on Jan 19, 2018.