A significant number of condo units have been reserved at the 268-unit Cairnhill Nine development in the Orchard area, after its developer CapitaLand held a VIP preview in Jakarta on 20 to 21 February, reported The Business Times.
Potential buyers deposited cheques to secure the units they were interested in, but they may still cancel their bookings.
According to Tata Goeyardi of Religare Capital Markets, Indonesians were attracted to the luxury condominium’s direct linkage to Paragon shopping mall, which features a medical centre on top. The project is also close to Mount Elizabeth Orchard hospital.
The apartments are also spacious, with sizes ranging from 592 sq ft for one-bedders to 2,013 sq ft for four-bedders.
Another selling point is the competitive pricing. Average prices range from $2,400 psf to $2,500 psf, and large units could go for as low as $2,200 psf. In comparison, prime freehold properties within the vicinity are selling for $2,600 psf to $2,700 psf on average.
Although this is a 99-year leasehold development, Indonesians were not put off by its tenure, unlike Singaporeans who mainly favour freehold properties, said Goeyardi.
“What surprised us is the willingness of Indonesians to purchase, even with the 15 percent Additional Buyer’s Stamp Duty (ABSD) for foreigners. This has created a new hope for the residential market in Singapore.”
According to a spokesperson for CapitaLand, Cairnhill Nine will be officially launched on 12 March, and the developer plans to hold another round of viewings by appointment this weekend.
If it’s unable to sell all the units by 31 March, it intends to market the project in other Indonesian cities like Surabaya, and even in Hong Kong.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email firstname.lastname@example.org