The owners of Cairnhill Mansions are launching their 5th bid at a collective sale with an asking price of $362 million. The tender for the freehold condominium will be launched within the next few weeks after successfully garnering the backing of at least 80% of the owners.
The guide price of $362 million works out to about $2,800 psf and each owner stands to pocket about $5.7 million each. They had previously attempted en bloc sales but failed to find a buyer that would meet the guide price in 2011 and could not attain the required approval votes in 2014.
With a maximum permissible gross floor area of172,240 sq ft, Cairnhill Mansions is comprised of 61 apartment units and was built in 1963. It is very near bustling Orchard Road and about 10 minutes’ drive away from the Central Business District. The property can be redeveloped into 140 units housed in high-rise buildings of up to 36 storeys.
Read more: Straits Times
Other properties up for collective sale: