Cairnhill Mansions and adjacent site up for sale

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/ EdgeProp
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October 24, 2017 4:24 PM SGT
On Oct 24, CBRE, the marketing agent, announced that two freehold sites on Cairnhill Road are being sold via separate public tenders. Located at 67 and 69 Cairnhill Road, the adjacent sites have a combined site area of about 62,903 sq ft.
Located at 69 Cairnhill Road, the 61-unit Cairnhill Mansions comprises an 18-storey block atop a carpark podium. It is on a 43,103 sq ft site, with a maximum allowable GFA of 156,581 sq ft. Including a 10% bonus balconies GFA, this will increase to 172,239 sq ft.
According to CBRE the site can accommodate up to 228 units sized at 753 sq ft. The guide price for Cairnhill Mansions is $362 million, or $2,101 psf per plot ratio. No development charge is payable.
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67 Cairnhill Road is an elevated 19,800 sq ft site. It is zoned ‘Residential’ under the 2014 Masterplan, and has a plot ratio of 2.8, and a height restriction of 36-storeys. A development charge of about $20.7 million is payable to achieve the permissible GFA of about 60,984 sq ft, including 10% bonus from balconies.
The site could yield up to 80 units sized at 753 sq ft. The guide price for 67 Cairnhill Road is $115 million, or $2,225 psf per plot ratio including 10% balconies GFA.
There have been keen interest from both local and foreign developers, says Galven Tan, director capital markets, CBRE. Developers are expected to bid aggressively for both sites, he says.