JUST SOLD: Cairnhill Plaza unit sold at nine-year low

By Metta Lee
/ The Edge Property |
July 28, 2016 2:41 PM SGT
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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.
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Recent transactions at Cairnhill Plaza for 3,305 sq ft units
Date
Floor Level
Price
Price psf
24-Jun-16
31 to 33
1,362
4,500,000
16-Mar-15
1 to 3
1,483
4,900,000
17-Mar-14
16 to 18
1,649
5,450,000
21-Oct-13
4 to 6
1,634
5,400,000
7-May-12
16 to 18
1,664
5,500,000
5-Dec-11
12 to 15
1,687
5,575,000
24-Jan-11
28 to 30
1,725
5,700,000
28-Jun-10
16 to 18
1,543
5,100,000
17-Mar-10
25 to 27
1,740
5,750,000
20-Sep-09
28 to 30
1,468
4,850,000
8-Sep-08
31 to 33
1,386
4,580,000
17-May-07
4 to 6
1,340
4,428,000
Source: URA, The Edge Property
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