Cairnhill Astoria attempts second collective sale

Unit owners are keen to sell the property before it gets older.

Cairnhill Astoria will be relaunched for en bloc sale on 18 September at a similar asking price of $196m, Colliers International revealed.

With 36 apartments, the property sits on a 3,587.5 sq m site with residential zoning and a gross plot ratio of 2.8. Subject to relevant approvals from the authorities, the site can be redeveloped to yield about 150 apartments with average sizes of 753 sq ft.

The owners’ reserve price reflects a land rate of $1,933 psf ppr, after factoring the 10% bonus balcony Gross Floor Area (GFA) and an estimated development charge (DC) of $33.9m following the latest revision to development charge (DC) rates.

“The development is ageing and the owners are keen to sell the property,” Cairnhill Astoria Collective Sale Committee vice-chairman Paul Kwek said. “We understand that the environment has become a lot more uncertain following the introduction of new cooling measures in July.”

With this, Kwek thinks that the owners are mindful of the cautious market sentiment and may be more realistic in their pricing expectation. The property was initially launched for sale in May.

The collective sale tender for Cairnhill Astoria will close at 3pm on 17 October 2018.