2 freehold sites in prime area launched for sale

Cairnhill Mansions, an 18-storey block at 69, Cairnhill Road, sits on a 43,103 sq ft freehold site that could accommodate up to 228 new apartments. The asking price of $362 million works out to $2,101 per square foot per plot ratio.
Cairnhill Mansions, an 18-storey block at 69, Cairnhill Road, sits on a 43,103 sq ft freehold site that could accommodate up to 228 new apartments. The asking price of $362 million works out to $2,101 per square foot per plot ratio.

A single-storey house in Cairnhill Road is up for sale with a $115 million asking price.

The freehold house, which has been in the present owner's hands for about 50 years, is next to the 61-apartment Cairnhill Mansions, which is up for collective sale.

That means a single buyer could snap up both properties and have a 62,903 sq ft area for redevelopment on a street that is near Orchard Road and Newton MRT station.

The owners of Cairnhill Mansions are putting the estate up for sale with an asking price of $362 million, while the guide price for the house at 67, Cairnhill Road is $115 million. The tenders for both sites were launched yesterday and will close on Dec 12. CBRE is the marketing agent of both properties.

Mr Lien Kwang Wah, who is in his 80s, has owned 67, Cairnhill Road for about 50 years, The Straits Times understands.

Attempts to contact him and his lawyer were unsuccessful.

Heritage expert Charles Goh said: "The house was known as Fernbank and it was re-numbered from 44 to 67, Cairnhill Road based on the 1930 map of Singapore."

Its $115 million guide price works out to $2,225 per square foot per plot ratio (psf ppr). The 19,800 sq ft site is zoned "residential" with an allowable plot ratio of 2.8 and a height restriction of up to 36 storeys.

The site could yield up to 80 units in the new development. A development charge of about $20.7 million is payable to achieve the permissible gross floor area (GFA) of about 60,984 sq ft.

Cairnhill Mansions, an 18-storey block at 69, Cairnhill Road, sits on a 43,103 sq ft freehold site that could accommodate up to 228 new apartments. The asking price of $362 million works out to $2,101 psf ppr.

The maximum allowable GFA is about 156,581 sq ft. There is no development charge payable as the total GFA does not exceed the development baseline for the property.

Mr Galven Tan, director of capital markets at CBRE, said: "The total quantum of both sites is less than $500 million, which makes it extremely palatable in the current market.

"Buyers will have an option to buy either plot, or both sites."

The two sites could accommodate up to 308 units with an average size of 70 square metres.

"CBRE approached Mr Lien after Cairnhill Mansions got the 80 per cent (nod for a collective sale) and he was keen to sell as well because it is a mutually beneficial arrangement," Mr Tan added.

A version of this article appeared in the print edition of The Straits Times on October 25, 2017, with the headline '2 freehold sites in prime area launched for sale'. Print Edition | Subscribe