Renewed interest seen at Cairnhill area

By
/ EdgeProp
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March 19, 2018 6:30 AM SGT
Alba is a 50-unit, luxury boutique development by Far East Organization. Designed by US-based architectural firm Arquitectonica, its units are Y-shaped to maximise space and views of the surrounding Cairnhill district. Each unit comes with private lift access. Completed in 2015, the project is more than 80% sold so far.
A three-bedrom unit at Alba was recently sold for $4.2 million (credit: Samuel Isaac Chua)
The latest transaction at the freehold Alba was for a 1,905 sq ft, three-bedroom unit on the second level. The unit changed hands for $4.2 million ($2,204 psf) on March 1, according to a caveat lodged then. The previous owner had paid $3.85 million ($2,021 psf) for the unit when the project was first launched in October 2009.
This marks the first transaction in Alba this year. The last transaction was in August last year when a 2,110 sq ft, four-bedroom unit on the 14th floor was sold for $6.3 million ($2,986 psf). This is likely to be a unit sold by the developer as there was no prior caveat lodged.
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The prime Cairnhill area is starting to see transactions pick up. Most property consultants reckon it is because of the successful collective sale of Cairnhill Mansions on its fifth attempt. It was sold to Singapore-listed construction and property group Low Keng Huat for $362 million ($2,311 psf) on Feb 14, in a deal brokered by CBRE.
Galven Tan, CBRE director of capital markets, reckons that the new development on the site of Cairnhill Mansions could be launched at a price of at least $3,500 psf. “It has also spurred both developer and investor interest in the prime districts,” he says.
Located on Cairnhill Circle, the 97-unit Cairnhill Residences is the most tranquil part of the area. The freehold condominium was developed by Allgreen Properties and completed in 2009. On March 1, a 1,173 sq ft, three-bedroom unit changed hands for $2.38 million ($2,029 psf). The unit was purchased by the previous owner 11 years ago for $2.02 million ($1,720 psf), according to a caveat lodged in December 2006.
The recent transaction in early March is the first this year at Cairnhill Residences. The last transaction was in September last year, when a 1,173 sq ft, three-bedroom unit on the 11th floor fetched $2.62 million ($2,231 psf).
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Interest in The Light @ Cairnhill has also picked up since late last year. In early March, a 1,518 sq ft, three-bedroom unit on the 13th floor changed hands for $3.28 million ($2,161 psf). That same unit went for $2.95 million ($1,944 psf) in 2012.
Another unit at The Light @ Cairnhill was sold for $3.88 million ($1,928 psf) in February. The 2,013 sq ft, four-bedroom unit went for $3.76 million ($1,869 psf) in April 2012. The 118-unit The Light @ Cairnhill was developed by Wing Tai Holdings and completed in 2004.