The full article can be found in The Business Times, Real Estate Section, Page 12, 3 April 2018.
Owners of the freehold Cairnhill Height Condominium located in prime district 9, which spans 1,431.4 square metres with a gross plot ratio of 2.8, agreed to put the project up for S$80 million collective sale last December. However, it was sold to a joint venture between Singapore-listed construction and engineering firm Tiong Seng Holdings and civil engineering company Ocean Sky International for a fair price of S$72.6 million, which translates to an estimated breakeven price of about S$2,680 – S$2,760 price per square foot (psf). Should Cairnhill Heights be sold at its initial asking price of over S$80 million, the breakeven level for the incoming developer would have exceeded S$2,800 psf.
The site may be redeveloped into a residential development of about 42 units based on an average size of 95 square metres.