Business

Cairnhill Astoria up for collective sale at $196m

Freehold development Cairnhill Astoria will be launched for collective sale today via public tender for $196 million.

The reserve price reflects a rate of $1,964 per square foot per plot ratio (psf ppr), inclusive of an estimated development charge of $16.34 million.

Sitting on a 3,587.5 sq m site in prime District 9, Cairnhill Astoria - built in 1983 - comprises 36 apartments across a high-rise residential tower and a low-rise block. Under the Master Plan 2014, the land parcel is zoned "residential" and has a gross plot ratio of 2.8.

Its marketing agent is Colliers International.

Subject to approvals from the authorities, the site in Cairnhill Rise can be redeveloped to offer about 200 apartments, based on an average unit size of 540 sq ft.

It is near Orchard and Somerset MRT stations, as well as schools such as Anglo-Chinese School (Junior) and Chatsworth International School.

Based on the size of the property - ranging from 700 sq ft to 6,060 sq ft - each owner could potentially receive between $2.275 million and $14.261 million if the sale goes through.

The collective sale tender for Cairnhill Astoria will close on June 27. - THE STRAITS TIMES

Property