Cairnhill Astoria which is located in Cairnhill Rise shall make its second attempt at collective sale after the first one launched on 17th of May didn’t attract any buyers.
The existing units are sized between 700 sq ft and 6,060 sq ft and going by the S$196 million reserve price which remains unchanged, individual owners would pocket S$2.28 million to S$14.26 million for their properties.
Taking the reserve price into account land rate for this site works out to be S$1,933 psf ppr which is inclusive of 10% bonus balcony area.
There are also development charges of S$33.9 million payable for this site.
The 36 units in the site are spread across one high-rise tower and a low-rise multi-storeyed block which occupy 38,615 sq ft area.
As per 2014’s Master Plan the site has been categorized in Residential Zone and has 2.8 Plot Ratio. The site has the potential to yield 150 units, 753 sq ft in average size upon receiving approval from relevant authorities.
Vice-Chairman of Collective Sale Committee at Cairnhill Astoria, Mr Paul Kwek said that owners are willing to sell the property as it is an ageing development.
He agreed though that the market environment is uncertain with the new cooling measures but the owners have been realistic about the pricing for the site.
Cairnhill Astoria’s tender closes on 17th of October at 3:00 PM
The en bloc market in Singapore has been badly hit by new cooling measures that were announced in the month of July.
One of the major worrying points for the developers has been the introduction of 5% Additional Buyer’s Stamp Duty which is non-remissible and applies for developers who are buying en bloc properties.