Strong interest in Cairnhill Nine ahead of launch

The priciest units at new luxury residential launch Cairnhill Nine are said to have been pre-booked, with other units attracting strong interest from buyers.

About four of the project’s eight penthouses have been booked at prices of about $5.8 million to $6.8 million, The Straits Times understands. These consist of two single- storey and two duplex units.

Penthouse sizes at the project are 2,400 sq ft to 3,863 sq ft.

The 99-year leasehold project with 268 units is about 60 per cent booked ahead of its official sales launch tomorrow.

Developer CapitaLand put on cocktails on Wednesday for the interested parties, and is said to be considering raising indicative prices which are about $2,500 per sq ft (psf) on average.

This translates into starting prices of $1.35 million for a one-bedroom unit and $3.68 million for a four-bedroom unit. One-bedders are sized from 592 sq ft and four bedders from 1,528 sq ft.

Two of 12 stacks at the project, which is in Cairnhill Circle and opposite Paragon shopping mall, are said to be fully booked.

A CapitaLand Singapore spokesman said it is premature to comment on the interest level or cheques collected during the VIP preview, which started on Feb 27.

While interested buyers are said to be mainly Singaporeans intending to occupy the unit or rent it out, there was strong foreigner interest, mostly from Indonesians.

Marketing agency ERA Realty had held a two-day exhibition in posh Hotel Mulia Senayan in Jakarta ahead of the preview, while CapitaLand has said it also plans to market the project in the Indonesian cities of Surabaya and Solo, and possibly Hong Kong too.

While $2,500 psf is an attractive price for the Cairnhill area and Singapore properties are viewed as safe- haven assets by Indonesians, they do tend to prefer freehold property.

But it is the “dream location” for Indonesians given the Orchard location and proximity to Paragon and Mount Elizabeth Hospital, said real-estate agent Edward Yap.

The project will even have a covered bridge linking it to Paragon.

Cairnhill Nine is part of an integrated project which includes a 220-unit Ascott serviced residence.

Real-estate agent Alex Sim said the strong demand so far could be due to the fact that “there have not been any good launches along Orchard Road in the past two to three years”. “Because of all the cooling measures, including the 15 per cent Additional Buyer’s Stamp Duty for foreigners, buyers are given only one shot and they want to get the best,” he added.