In August 2021, the luxury condo Klimt Cairnhill was previewed and officially launched in January 2022. Since then, only 14 out of the 138 units in the freehold condo are available for sale, all of which are three-bedroom apartments.
The developer of Klimt Cairnhill, Singapore-listed property group Low Keng Huat, is offering a “one-price promotion” for five of the 14 units. These are 1,432 sq ft units spanning from the 19th to 23rd floors of the 36-storey tower. The “one-price promotion” offers a flat price of $5.138 million or $3,588 psf for each unit across all five floors. There is also one remaining 1,432 sq ft unit on the 10th floor, priced at $4.92 million or $3,435 psf. According to Alvin Teo, executive director of Low Keng Huat, these units should appeal to price-sensitive homebuyers.
Out of the 51 three-bedroom apartments at Klimt Cairnhill, only 37 units have been sold to date. The sizes of these apartments are 1,432 sq ft and 1,496 sq ft. Prices for these units range from $4.85 million ($3,388 psf) for a sixth-floor 1,432 sq ft apartment to $6 million ($4,010 psf) for a 1,496 sq ft 28th-floor apartment.
Low Keng Huat was quick to respond to market conditions and only released units based on demand at that particular time, says Teo. Initially, during the first phase of launch, the most popular units were the four-bedroom apartments and penthouses. However, after the Covid-19 pandemic, there was an increased demand for bigger units with more bedrooms.
There are only two penthouses at Klimt Cairnhill, and both were swept up by foreign buyers. The first is a 4,898 sq ft, six-bedroom simplex penthouse that was sold for $26 million ($5,309 psf) in November 2021, making it the highest psf-price achieved in the development thus far. The second and larger penthouse, a 5,920 sq ft, six-bedroom duplex across the 35th and 36th floors, was sold for $27.5 million ($4,645 psf) in February 2022. The buyers of both penthouses were Chinese nationals, along with most of the buyers of the four-bedroom units.
The 35 four-bedroom units are either 2,056 sq ft or 2,367 sq ft. The prices for these units range from $6.93 million ($3,371 psf) for a 2,056 sq ft unit on the sixth floor to $10.098 million ($4,264 psf) for a 2,368 sq ft unit on the 35th floor. All of these units were sold before the latest round of property cooling measures that took effect on April 27, 2023, where additional buyer’s stamp duty (ABSD) for foreigners doubled to 60%.
After the cooling measures were implemented, Low Keng Huat decided to release two-bedroom units at Klimt Cairnhill. There are 22 units that are 829 sq ft and another 28 units that are 893 sq ft with an additional study. These units were fully taken up at prices ranging from $2.63 million ($3,173 psf) for an 829 sq ft unit on the sixth floor to $3.138 million ($3,512 psf) for an 893 sq ft unit on the 32nd floor. These units appeal mostly to local homebuyers and investors due to their unit sizes and prices. The proximity to Anglo-Chinese School (ACS) is also a major draw for young families with school-going children. The study in the two-bedroom-plus-study units can also be utilized as an extra bedroom if necessary.
Klimt Cairnhill’s location near popular schools, shopping malls, and the Central Business District (CBD) also adds to its appeal. It is also in close proximity to international schools such as Eaton House International and Chatsworth International School (Orchard). The project is expected to be completed in April 2025, and Teo believes that it will be attractive to local families looking for a freehold property with a prime District 9 address and easy access to good schools like ACS.
The latest transaction at Klimt Cairnhill was a 1,496 sq ft three-bedroom unit on the 24th floor that was sold for $5.69 million ($3,803 psf) to a Singaporean buyer in September. Currently, there is only one 1,496 sq ft three-bedroom unit available for sale. In recent months, there has been an increase in buying interest from Chinese nationals who have become Singapore PRs. There has also been a surge in interest from Asian investors who are US citizens and enjoy the same stamp duty treatment as Singapore citizens. These buyers prefer larger units, says Teo.
The Cairnhill area has seen some high-priced transactions at the start of the year, mostly for larger units. At The Ritz-Carlton Residences by KOP Properties, two 3,057 sq ft, four-bedroom units on the 32nd and 33rd floors were sold for $16.5 million ($5,397 psf) each in January, making it the highest psf-price achieved in the development. The buyers are a Chinese couple who became Singapore PRs. The Ritz-Carlton Residences, a 58-unit freehold development, was launched in December 2007 and completed in 2011.
Another nearby project, Hilltops by SC Global, also saw a high-priced transaction. A 2,874 sq ft, five-bedroom unit on the 12th floor was sold for $13.049 million ($4,540 psf). This is the second-highest psf-price achieved at Hilltops since its launch in October 2007. The latest transaction at Hilltops was for a 1,550 sq ft, three-bedroom unit on the sixth floor that sold for $4 million ($2,068 psf) in June. The luxury freehold project was completed in 2011.
The 39-unit boutique development, Cairnhill 16, was launched in late 2022 and fully sold by August 2023. Developed jointly by Tiong Seng Holdings and Ocean Sky International, the freehold project was completed last year. According to reports, most buyers were Singaporeans.
Currently, the only available new units for sale in the Cairnhill area are at Klimt Cairnhill, says Teo.
Recent Transactions at Klimt Cairnhill (Source: EdgeProp Buddy)
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