DEAL WATCH: Penthouse at The Vermont on Cairnhill on the market for $6 mil

A 2,643 sq ft penthouse at the 158-unit, freehold The Vermont on Cairnhill on Cairnhill Rise is on the market for $6 million ($2,270 psf). “The owner, a Singaporean, is looking to buy a landed property after selling the penthouse,” says Joyce Lee, sales director at PropNex Realty, who is marketing the unit.
Located on the 18th floor, the penthouse has five bedrooms — including the master bedroom, which has a walk-in wardrobe — and a study area. The penthouse is tenanted at $12,000 a month until August 2019, which makes it ideal for investors, according to Lee.
The single-storey corner unit has a south-facing living area, which affords views of Cairnhill Rise. Most of the windows are floor-to-ceiling, with the remainder being bay windows, notes Lee.
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The penthouse at The Vermont on Cairnhill is tenanted at $12,000 a month until August 2019, says PropNex Realty’s Lee (Credit: The Edge Singapore)
Last transacted in January 2011 for $5.9 million ($2,228 psf) — according to URA caveat data as at March 5 — this unit is one of three five-bedroom-with-study penthouses at The Vermont at Cairnhill. The others are a 2,702 sq ft unit, also on the 18th floor, and a 3,466 sq ft unit on the 19th floor, according to CBRE, which was the marketing agent for the project when it was launched in April 2010.
Lee says the asking price for the penthouse factors in the recent collective sale of Cairnhill Mansions, which is about 300m away.
The 61-unit, freehold Cairnhill Mansions was bought by Singapore-listed construction and property group Low Keng Huat on Feb 14 for $362 million, or $2,311 psf per plot ratio, by private treaty. Low Keng Huat intends to build a 200-unit condominium on the 43,013 sq ft site.
“The redevelopment of Cairnhill Mansions, once launched, is set to raise asking prices within the prestigious Cairnhill residential enclave,” says Lee.
The Vermont on Cairnhill, developed by Singapore-listed property developer Bukit Sembawang Estates, was an amalgamation of two collective sale sites — The Vermont and Peck Hay Mansion, which the company purchased during the last collective sale frenzy of 2005 to 2007.
Comprising two blocks of 19 and 20 storeys, the development has dual frontages on Peck Hay Road and...