The site can be redeveloped to offer about 200 540-sqft apartments.
Freehold development Cairnhill Astoria in Cairnhill Rise will be launched for collective sale for $196m via public tender on 17 May 2018, Colliers International revealed. The land rate of $1,964 psf ppr includes a development charge of $16.34m.
According to an announcement, sitting on a 3,587.5- sqm (approximately 38,615 sqft) site in prime District 09, Cairnhill Astoria – built in 1983 - comprises 36 apartments across a high-rise residential tower and a low-rise block. Under the Master Plan 2014, the land parcel is zoned ‘Residential’ and has a Gross Plot Ratio of 2.8.
Colliers International managing director Tang Wei Leng noted that collective sale interest amongst developers has shifted from the suburban to prime sites. "From January 01 to May 15, 2018, there were 13 successful collective sale deals valued at over $3.85b in Districts 09 and 10, up from five transactions worth $870m for the whole of 2017. We believe centrally located freehold sites such as Cairnhill Astoria will be sought-after, as it has the potential to be redeveloped into a chic and luxurious offering that will appeal to discerning home buyers today.”
Amenities such as Paragon mall and Mount Elizabeth Hospital and Medical Centre are five minutes away. The site is also well-served by the Somerset and Orchard Road MRT stations and is connected to the rest of Singapore via the Central Expressway.
It is also located near several popular schools, including Anglo Chinese School (Junior), St. Margaret’s Primary School, ISS International School, Chatsworth International School (Orchard Campus), and Lasalle College of Arts (Winstedt Campus).
Depending on the size of the property – ranging from 700 sq ft to 6,060 sq ft – each owner could potentially receive between $2.275m and $14.261m upon successful completion of the transaction.
Subject to relevant approvals from the authorities, the site can be redeveloped to offer about 200 apartments, based on an average unit size of 540 sq ft.
The collective sale tender for Cairnhill Astoria will close at 3 p.m. on 27 June 2018.
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