Prices at Ritz-Carlton Residences hit $3,598 psf

By Tan Chee Yuen
/ The Edge Property |
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There were several significant transactions in the Cairnhill area over the week of May 30 to June 6. One was the sale of a junior penthouse at Ritz-Carlton Residences for $12.86 million ($3,598 psf). The 3,574 sq ft, four-bedroom unit is on the 34th floor of the 36-storey tower. It was the biggest transaction of the week in terms of absolute quantum and psf price.
Another unit at Ritz-Carlton Residences was also sold by developer KOP Properties. It was a 2,831 sq ft, three-bedroom unit on the seventh floor and it went for $9.12 million ($3,220 psf), according to a caveat lodged on May 30. So far, six units have been sold this year since the developer offered a deferred payment scheme to buyers. The other four units that were sold were also three-bedroom units of 2,831 sq ft each, and fetched prices ranging from $9.41 million ($3,325 psf) to $9.99 million ($3,528 psf). Completed in 2011, Ritz-Carlton Residences contains 56 apartments and two penthouses.
At CapitaLand’s high-end development Cairnhill Nine, a 1,044 sq ft, two-bedroom unit was sold for $2.82 million ($2,696 psf) on June 3. The 268-unit, 99-year leasehold condominium obtained its Temporary Occupation Permit last October. Cairnhill Nine was relaunched at end-February and 34 units had been sold as at June 3. Prices range from $2.47 million ($2,393 psf) to $2.9 million ($2,721 psf). All the units sold are two-bedroom and two-bedroom- plus-study units that start from 1,033 sq ft.
According to the latest URA developer sales data, 245 units, or 91% of the total units at Cairnhill Nine, were offloaded at a median price of $2,691 psf.
In the exclusive Cairnhill Circle enclave, a 1,173 sq ft, three-bedroom unit at Cairnhill Residences changed hands for $2.5 million ($2,131 psf) on June 2. In terms of psf price, it is the highest achieved in the development this year. Three other units were sold at prices ranging from $2.1 million ($1,805 psf) for a 1,163 sq ft, three-bedroom unit on the second floor to $2.28 million ($1,961 psf) for another 1,163 sq ft unit on the sixth floor, based on caveats lodged with URA in February and March.
Cairnhill Residences was developed by Allgreen Properties and completed in 2009. It has 97 units in twin 20-storey towers.
Located at Cairnhill Rise is The Vermont on Cairnhill, where a 1,442 sq ft, three-bedroom unit fetched $2.9 million ($2,011 psf) on May 31. The seller paid $3.33 million ($2,309 psf) to the developer for the unit in January 2011. A week earlier, an 883 sq ft, two-bedroom unit changed hands for $1.85 million ($2,096 psf).
The Vermont on Cairnhill is a 158- unit, freehold condo developed by Bukit Sembawang Estates and completed in 2013.
This article appeared in The Edge Property Pullout, Issue 784 (June 19, 2017) of The Edge Singapore

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