SINGAPORE - District 9's Cairnhill Heights, a freehold private residential site located at Cairnhill Rise, has obtained more than 90 per cent consensus from owners agreeing to a collective sale.
The site will be launched for collective sale tender on Dec 19, 2017.
The owners are asking for a sale price of more than S$80 million, which reflects a land rate of S$2,045 per square foot per plot ratio (psf ppr), inclusive of the development charge payable.
Built in the 1990s, the 19-unit development sits on a land area of about 15,408 sq ft. It is zoned for residential use with a gross plot ratio of 2.8 under the Master Plan 2014.
Marketing agent ERA Realty Network said that subject to the authorities' approval, the site can be redeveloped up to a gross floor area of 47,455 sq ft, reflecting an equivalent plot ratio of 3.08. To maximise the plot ratio potential of 3.08, some development charge is payable.
Consultants said that the asking price translates to an estimated break-even price of S$2,400 to S$2,600 psf.
ERA Realty Network's group division director Jeremy Rikas Chiu said: "Cairnhill Heights is located in a mature residential precinct where there are not many redevelopment sites left. The development can be rebuilt into an upscale two-bedroom boutique residential project with approximately 42 units, assuming an average apartment size of 1,100 sq ft."
The development is within a short drive to the Orchard Road shopping belt as well as Mount Elizabeth Hospital and Medical Centre.