Cairnhill Mansions, a freehold property on 69 Cairnhill Road, has gone to Low Keng Huat, a Singapore Developer at S$362m, in a private deal entered into after the most recent public tender closed without success.
The tender was the property’s 5th overall, and like the previous attempts, this most recent tender expired without a developer offering the property’s reserve price.
Only private negotiations between CBRE, the property marketing agent and Low Keng Huat has salvaged the en bloc sales attempt.
This is the 6th properties sold in 2018 and more to come
Freehold Properties in Core Central Region is no doubt the Top target by Developers
According to the developer, the intention is to construct a high rise residential condominium on the 43,103 sq ft site, which will comprise around 200 housing units.
The company also disclosed it is in the process of replenishing its land bank in Singapore, in readiness for future residential developments.
To manage the transaction and anticipated site development, Low Keng Huat has had to involve its subsidiary, Glopeak Development Pte Ltd.