09 Apr '18, 2am

Cairnhill Heights sold below asking price for $72.6 million

A joint-venture has acquired Cairnhill Heights for less than the $80 million asking price the owners were looking for. Tiong Seng-Ocean Sky joint venture sealed the deal for $72.6 million The tie-up between engineering firm Tiong Seng Holdings (TSH) and civil engineering company Ocean Sky International will redevelop the Cairnhill Heights site. Both companies are Singapore-listed. The condominium was put up for collective sale in December 2017. The freehold 1,431.4 sq m site is located in prime district 9 , in close proximity to the Orchard Road Shopping Belt. Orchard. Picture: iProperty It has a gross plot ratio of 2.8 and can be redeveloped to potentially yield 42 apartment units with a 95 sq m average. The original asking price of more than $80 million would have translated to a land rate of $2,045 psf ppr. With the final bid price of $72.6 million, analysts estimate th...

Full article: https://www.iproperty.com.sg/news/cairnhill-heights-sold-...

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