Unit at The Peak @ Cairnhill I sold for $2,617 psf
By Tan Chee Yuen
/ The Edge Property |
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There were several transactions in the Cairnhill area over the week of Nov 1 to 8, according to the latest caveats downloaded from URA Realis. At The Peak @ Cairnhill I, two two-bedroom units of 678 sq ft each were sold. The one on the fifth floor was sold for $1.72 million ($2,538 psf), while the one on the ninth floor went for $1.78 million ($2,617 psf). Both deals were done on Nov 3.
The Peak @ Cairnhill I is a 52-unit freehold condominium jointly developed by TG Development and TEE Development. The project was completed in 2014 and was about 65% sold as at Nov 8, according to caveats lodged with URA Realis.
The adjacent project, called The Peak @ Cairnhill II, is also developed by TG Development and TEE Development. Completed last year, the 60-unit freehold block is scheduled for launch in 1Q2017.
Two apartments at the Peak @ Cairnhill I were recently sold by TG Development and TEE Development
In the neighbourhood of Cairnhill Road and Bideford Road is the soon-to-be-completed Cairnhill Nine, which consists of a 30-storey residential tower containing 268 apartments and a 20-storey tower with 220 serviced apartments branded The Ascott Singapore. The project is developed by CapitaLand.
Scheduled to be completed at year-end, the project was launched in March. As at end-October, 217 units, or 81% of the project, were sold. Despite its 99-year lease, Cairnhill Nine is sought after because of the overhead bridge linking the project to Paragon shopping centre across the busy Bideford Road, and also its location just off the prime Orchard Road shopping strip.
The two latest transactions at Cairnhill Nine involved units on the 19th floor. A 1,044 sq ft, two-bedroom unit fetched $2.89 million ($2,764 psf) while a 1,033 sq ft unit was sold for $2.82 million ($2,731 psf).
This year, developers of luxury condos have come up with creative deferred payment schemes to attract buyers. OUE Twin Peaks started the trend, and now there are variations to the stay-then-pay scheme popularised by CapitaLand for the remaining units at d’Leedon and Interlace projects.
At Cairnhill Circle, Hilltops, a 241-unit luxury condo completed in 2011 by SC Global, launched an “enhanced payment scheme” for 30 units owned and leased out by the developer at end-July.
Under this scheme, buyers make an upfront payment equivalent to 20% of the unit’s purchase price. They are then given a two-year option to purchase the unit at a fixed price. In the meantime, the buyers will receive an annual return of 10% on the down payment, backed by tenancies managed by SC Global.
The most recent transaction at Hilltops was in September, when a 1,711 sq ft, three-bedroom unit was sold for $5.27 million ($3,078 psf). It was the eighth and biggest unit sold in the condo since the scheme was launched four months ago. Most of the other transactions involved two-bedroom units sold at prices ranging from $2.56 million ($3,084 psf) for an 829 sq ft unit to $3.86 million ($3,091 psf) for a 1,249 sq ft unit.
This article appeared in The Edge Property Pullout, Issue 755 (Nov 21, 2016) of The Edge Singapore.
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