It’s cheaper compared to other luxury homes.
CapitaLand’s newest luxury project Cairnhill Nine booked strong sales when it was launched for sale over the past weekend. Although sales in the Core Central Region have dropped drastically since cooling measures were implemented, CapitaLand still managed to sell 134 out of the 200 units that were launched for sale at Cairnhill Nine.
RHB Research analyst Ivan Looi says that Cairnhill Nine benefits from its unique condotel concept, which will allow homeowners to benefit from hotel concierge services from neighbouring Ascott Orchard Singapore.
The development also boasts a great location and reasonable pricing. Looi notes that the units were sold at an average price of $2,500 psf. This translates to a price of under $3 million for over half of the units in the project, which is an "attractive" price point for an address like Cairnhill.
Cairnhill Nine is also cheaper compared to nearby developments, such as The Laurels by Sing Holdings, which was sold at an average selling price of $2,826 psf in 2010. Although the project is priced similar to Urban Suites, a freehold project launched by CapitaLand in 2010, Looi noted that Cairnhill Nine has better facilities for homeowners.
“We think that layout for the overall project is generally good. We also realised that this project provides more “goodies” than other developments. For example, the fittings and interior design in the living room for 1-2 bedrooms plus guest units are provided by the developer,” Looi noted.
“Additionally, in terms of convenience, the Cairnhill Nine project is better too as it is directly linked to The Paragon via a bridge, unlike homeowners in Urban Suites. However, do note that Cairnhill Nine is a 99-year leasehold project, unlike its peers within the vicinity, which are majority freehold projects,” he added.
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