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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.

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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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