JUST SOLD: Cairnhill Plaza unit sold at nine-year low
A 3,305 sq ft four bedroom unit at Cairnhill Plaza in Orchard was recently sold for $4.5 million or $1,362 psf, after being held for close to eight years. The transaction reflects a loss of $80,000 for the seller, who had previously purchased the unit in September 2008 for $4.58 million. Compared to similar sized units, the 32nd floor unit was transacted at the lowest price since 2007. Prior to this transaction, a 3,305 sq ft unit on the third floor was sold at $4.9 million or $1,483 psf in March 2015.
Transactions at Cairnhill Plaza had hovered around a median price of $1,634 psf between 2008 and 2014. Prices has only recently dropped below $1,400 psf in May 2015, when a 2,852 sq ft unit changed hands for $3.8 million, or $1,332 psf. Only one of the three units sold since May 2015 exceeded $1,400 psf, according to caveat records released by URA.
Cairnhill Plaza is a 204-unit freehold apartment located on Cairnhill road in District 9. The project was completed in 1978 and is a stone’s throw away from Orchard Road shopping belt.
Recent transactions at Cairnhill Plaza for 3,305 sq ft units
Date | Floor Level | Price | Price psf |
---|---|---|---|
24-Jun-16 | 31 to 33 | 1,362 | 4,500,000 |
16-Mar-15 | 1 to 3 | 1,483 | 4,900,000 |
17-Mar-14 | 16 to 18 | 1,649 | 5,450,000 |
21-Oct-13 | 4 to 6 | 1,634 | 5,400,000 |
7-May-12 | 16 to 18 | 1,664 | 5,500,000 |
5-Dec-11 | 12 to 15 | 1,687 | 5,575,000 |
24-Jan-11 | 28 to 30 | 1,725 | 5,700,000 |
28-Jun-10 | 16 to 18 | 1,543 | 5,100,000 |
17-Mar-10 | 25 to 27 | 1,740 | 5,750,000 |
20-Sep-09 | 28 to 30 | 1,468 | 4,850,000 |
8-Sep-08 | 31 to 33 | 1,386 | 4,580,000 |
17-May-07 | 4 to 6 | 1,340 | 4,428,000 |
Source: URA, The Edge Property
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