Cairnhill Nine

Cairnhill Nine News

Adapted from The Straits Times - March 13, 2016

Cairnhill Nine sells 70% of units launched

CapitaLand's latest residential project, Cairnhill Nine, has sold 70 per cent of the units launched last Saturday.

The 99-year leasehold residential development, located in the heart of the Orchard Road district, is part of an integrated development that includes serviced residence Ascott Orchard Singapore.

CapitaLand launched 200 of the development's 268 units last Saturday, and sold 134.

he units sold ranged from 591 sq ft to 3,864 sq ft, including one-bedroom, one-bedroom and guest, two-bedroom, two-bedroom and guest, and four-bedroom units, as well as penthouses.

The one-bedroom and guest units have been the most well-received so far, with 80 per cent out of 90 such units sold.

To date, about 50 per cent of buyers are Singaporeans, while the rest are from Indonesia, Malaysia and China, said CapitaLand.

"We are pleased with the strong response to the VIP preview and official launch, and will be stepping up our marketing efforts by having roadshows in cities such as Jakarta, Surabaya, Solo, Shanghai and Hong Kong," a CapitaLand Singapore spokesman said.

 

Adapted from The Straits Times - March 11, 2016, By: Rennie Whang

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.

 

Adapted from The Straits Times - February 24, 2016, By: Rennie Whang

VIP preview of integrated project to be held this weekend

CapitaLand is set to break a drought in luxury residential launches by testing the market with its latest integrated project at Cairnhill.

The project, being built on the former Somerset Grand Cairnhill site, will comprise the 268-unit Cairnhill Nine condo and 220-unit Ascott Orchard Singapore.

"As a real estate developer, you have to ride through the cycles. Whether it's good or bad times, life has to go on," CapitaLand Singapore chief executive Wen Khai Meng told reporters yesterday.

We do our best to adjust to the demands of the market at each point, whether in terms of pricing or unit sizes."

Units at the 99-year leasehold project are priced at an average of $2,500 per sq ft (psf) - attractive for the area and benchmarked against neighbouring projects, he said. In a better market, it could have been closer to $3,000 psf, he added, although he declined to say if Cairnhill Nine was among several projects for which CapitaLand made a $110.1 million impairment last year.

 About 89 per cent of the units are one- to two-bedroom units, sized from 592 to 1,324 sq ft.

When the project was designed, market demand had already shifted in favour of smaller units - as opposed to when the company was building The Orchard Residences, Urban Resort Condominium and Urban Suites in the area, said Mr Wen. Starting prices are from $1.35 million for a one bedder to $3.68 million for a four bedder.

Just under 90 per cent are priced $3 million and below and close to 50 per cent are priced $2 million and below, presenting an affordable total price, Mr Wen added.

In redeveloping the site, which is zoned residential and commercial, CapitaLand did not opt for a pure serviced apartment play as it could be too large for the market. As it stands, though, owners of apartment units will be able to enjoy some of the services at Ascott, such as the concierge service, or even request for housekeeping.

The company has made an initial marketing trip to Jakarta with plans to market in other Indonesian cities of Surabaya and Solo, and possibly Hong Kong as well.

At home, the project could attract investors and locals who like the buzz of the area. The project is set for completion at the end of this year, with Ascott slated to open early next year. A VIP preview will be held this weekend while a public launch should come next month.

CapitaLand's other projects which are ready for launch in the first half of this year are The Nassim and Victoria Park Villas.

For more information about floorplan, unit availability, and price, please Contact Us Here

Adapted from The Straits Times - July 10, 2012, By: Jonathan Kwok

CapitaLand set to redevelop serviced residence

PROPERTY giant CapitaLand is buying serviced residence Somerset Grand Cairnhill Singapore from its own unit for $359 million to redevelop the property.

The site, near Orchard Road, will be redeveloped into CapitaLand's first-ever integrated development containing a serviced residence and condominium.

CapitaLand announced yesterday it is buying the property from its unit, Ascott Residence Trust.

The redevelopment project is expected to obtain its Temporary Occupational Permit in 2016.

The 30-storey condo development will boast about 200 to 250 residential units and they will be sold to the public.

By around 2017, the 20-storey serviced residence tower with 371 units will be sold back to Ascott Residence Trust for $405 million. It will have a hotel licence so it can take in both short-term and long-term guests.

The property is in Cairnhill Road, just off Orchard Road. The Al-Falah Mosque on the site will be retained and will continue operating during construction work.

'As an integrated development with a serviced residence component, there will certainly be opportunities to explore and create synergies between the two to bring value to our homebuyers in the form of new amenities and services,' said Mr Wong Heang Fine, chief executive of CapitaLand Residential which will undertake the redevelopment with The Ascott.

Both these companies are wholly-owned units of CapitaLand, which also holds 49 per cent of Ascott Residence Trust, a listed real estate investment trust.

CapitaLand and Ascott Residence Trust announced the deal before markets opened and then held a briefing on the project.

Based on approvals from the Urban Redevelopment Authority, the project has an allowable gross floor area of 466,429 sq ft, comprising 40 per cent for the serviced apartments and 60 per cent for residential use.

CapitaLand will need to pay $160 million to $180 million for a fresh 99-year lease and for intensifying the land use. Including the $359 million paid to Ascott Residence Trust, total land cost will be $1,100 to $1,200 per sq ft (psf).

The redevelopment cost, including both the serviced residence tower and the condominium, will be from $900 million to $1 billion, said CapitaLand's chief operating officer Lim Ming Yan.

Savills Singapore research head Alan Cheong told The Straits Times that condominium developments in the Cairnhill Road area can, on average, sell for between $2,500 psf and $3,500 psf.

'Cairnhill is undergoing a transformation. It's upmarket, and it's going even more upmarket, and developers are aspiring to hit the Paterson Road-type pricing, where one unit went for $6,800 psf last year.'

But Mr Cheong cited a 'geographical risk', with some homebuyers turning their attention away from the Orchard Road area towards the Tanjong Pagar area.

For its part, Ascott Residence Trust, which operates serviced residences in Asia, Australia and Europe, will spend $220 million of the sales proceeds to buy Ascott Raffles Place and another $63.3 million to buy Ascott Guangzhou from CapitaLand.

This will ensure that its income and payouts to unitholders will not fall after selling off the Somerset Grand Cairnhill Singapore.

If the deal had been completed, last year's distribution per unit would have been 8.55 cents, up from 8.53 cents. Including the redeveloped Cairnhill serviced residences, it would have been 8.88 cents.

Closer to taking over the redeveloped serviced residences in 2017, Ascott Residence Trust will raise some more funds, through undertaking more debt and issuing perpetual securities.

The deals are subject to the approval of Ascott Residence Trust's unitholders.

Yesterday, CapitaLand lost nine cents or 3 per cent to $2.89 while Ascott Residence Trust was unchanged at $1.15.

For more information about floorplan, unit availability, and price, please Contact Us Here