Cairnhill New Condo . Cairnhill Nine Development Background
In news announced on 10 July 2012, Capitaland, South-East Asia’s largest property developer said that it would buy over Somerset Grand Cairnhill Singapore, a serviced residence in the prime Orchard Road belt, from its own subsidiary Ascott Residence Trust, for S$359 million.
Somerset Grand Cairnhill Serviced Apartment . Site of Cairnhill Nine & Cairnhill New Condo
The sale would enable Capitaland to rebuild it into an integrated development.
The new development, to be called Cairnhill Nine, will comprise a high-end 30-storey Cairnhill new condo for public sale, and a 20-storey serviced residence with a hotel licence. It will be Capitaland’s first-ever integrated development combining a condominium and a serviced residence.
Based on approvals from URA (Urban Redevelopment Authority), Cairnhill Nine will have a total allowable gross floor area (GFA) of 466,429 sq ft. The serviced-residence side of Cairnhill Nine would take up about 186,571 sq ft of space, or about 40% of the development, and accommodate 371 units. It is scheduled for completion in the 3rd quarter of 2017, and intended to be sold back to Ascott Residence Trust.
The residential side in Cairnhill Nine, meanwhile, will take up around 60% of the allowable space, and provide about 268 units. It will be sold publicly by the developer CapitaLand, whose main target market will be families and high-net-worth young professionals.
This Cairnhill new condo is scheduled for completion around end 2016 or early 2017.
Article Source: see report (opens in new window).
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