Singapore-listed construction and property group Low Keng Huat announced that it has purchased Cairnhill Mansion en bloc for $362 million on Feb 14. The freehold site has a land area of 43,103 sq ft with a gross floor area of 156,581 sq ft based on a plot ratio of 3.63. This means that the price of $362 million translates to $2,311 psf per plot ratio (psf ppr).
According to Low Keng Huat, the site can be redeveloped into a high-rise condominium with about 200 units. The price that Low Keng Huat paid was the reserve price for Cairnhill Mansions when it was put up for public tender by CBRE, which closed on Dec 12, 2017. This was followed by nine weeks of negotiations before it was sold by private treaty.
Cairnhill Mansions was sold to Low Keng Huat for $362 million ($2,311 psf ppr) in a private treaty deal after the close of the tender on Dec 12 (Credit: CBRE)
“Cairnhill Mansions is the first residential development site to be sold in the most prime districts in Singapore,” says Galven Tan, CBRE director of capital markets. “We expect the high end residential market to perform well with brisk and encouraging sales at new launches like the New Futura."
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