SINGAPORE - Two freehold properties in prime district 9 were launched for sale on Tuesday (Oct 24) - the 61-apartment Cairnhill Mansions near the prime Orchard Road district and a nearby single-storey house on 67, Cairnhill Road.
Owners of Cairnhill Mansions are putting the freehold development up for sale en bloc with an asking price of S$362 million, while the guide price for 67, Cairnhill Road is S$115 million.
The public tenders for both sites will close at 3pm on Dec 12.
Mr Lien Kwang Wah, who is in his 80s, has owned 67, Cairnhill Road, for about 50 years, The Straits Times understands. Its guide price works out to S$2,225 psf per plot ratio (psf ppr) for the land.
According to Masterplan 2014, 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 can yield up to 80 units in a new development.
A development charge of about S$20.7 million is payable to achieve the permissible gross floor area (GFA) of about 60,984 sq ft, including 10 per cent bonus balconies GFA.
Cairnhill Mansions, an 18-storey block comprising 61 apartments at 69 Cairnhill Road, sits on a 43,103 sq ft freehold site. The site can accommodate up to 228 new apartments.
The guide price for Cairnhill Mansions is S$362 million, which works out to S$2,101 psf ppr.
The maximum allowable GFA of the site is about 156,581 sq ft. There is no development charge payable including for the balconies as the total GFA does not exceed the development baseline for the property.
The two sites are near Newton MRT, Mount Elizabeth Hospital, Paragon Medical and prestigious facilities such as the Tanglin Club and American Club.
Said Mr Galven Tan, CBRE's director, capital markets: "This is a premium location with no comparable competing sites currently available. The new development will enjoy the first bite of the buyer pool.
"We expect developers to bid aggressively for both sites as it presents an opportunity to enjoy planning flexibility and efficiency, and economies of scale."
He said CBRE has received "extremely keen interest" from both local and foreign developers following news of the forthcoming tender of Cairnhill Mansions a few weeks ago.
"The total quantum of both sites is less than S$500 million, which makes it extremely palatable in the current market," he added.