UNDER THE HAMMER: Unit at Cairnhill Plaza going for $5.88 mil

At Cairnhill Plaza in prime District 9, a 3,305 sq ft unit will be put up for its first auction by Edmund Tie and Co (ET&Co) on April 30. The opening price will be $5.88 million ($1,779 psf). As an estate sale, the unit will be sold with vacant possession.

Located along Cairnhill Road, the freehold Cairnhill Plaza comprises 204 units in two 30-storey high towers. Developed by UOL Group (formerly known as United Overseas Land), units at the development are mainly three- and four-bedroom units, with sizes ranging from 2,293 sq ft to 3,305 sq ft.

Being a corner unit, the four-bedder on the 20th floor is well-ventilated and spacious with abundant sunlight, says Joy Tan, head of auction and sales at ET&Co. The unit has private lift access and has the largest layout in the development. The master bedroom and two other bedrooms are en suites. The deceased owner previously purchased this unit on the resale market for $3.05 million ($923 psf) in January 1997, according to a caveat lodged with URA Realis. Based on caveats, the last transaction at Cairnhill Plaza was for another similar-sized unit on the 15th floor, which changed hands at $5.75 million ($1,740 psf) in July last year.

Units at Cairnhill Plaza, especially larger units located on high floors, are “seldom available on the market", notes Tan. Last year, only three units were transacted, at an average price of $1,656 psf. In 2017, 10 units at the development changed hands at an average price of $1,369 psf.

Having only started marketing this week, Tan expects interest in this particular unit to be “healthy”. “Cairnhill Plaza sits on a huge plot of 138,662 sq ft with only 204 units. This would attract investors looking for en bloc potential in the heart of Orchard Road,”...