Klimt Cairnhill Relaunch Strikes Gold With Chinese Buyers

Klimt Cairnhill Relaunch

Since the Klimt Cairnhill relaunch on January 3, 2023, the 138-unit luxury condominium on Cairnhill Road by Low Keng Huat has already sold 18 units. This tremendous showing happened after being closed for six weeks for renovation. From the 88 units released so far, 25 units have been sold (28.4%). Based on the 31st of January, the average price transacted was $4,061 psf.

credit:klimt cairnhill

A quarter of the buyers comprise Singaporeans while Singapore permanent residents make up 10%. Another quarter of the purchasers come from the Southeast Asia countries namely Indonesia, Myanmar, Cambodia and Vietnam. With the relaxation on covid-19 travel restrictions on China’s side on 8 Jan 2023, the Chinese made up a significant 40% of the bulk purchase at Klimt Cairnhill.

A prime district address, freehold tenure, and large units are what they desire. Currently, there is a very limited supply of such units for sale. It is for this reason that many of Klimt Cairnhill’s large, four-bedroom units were purchased by Chinese investors.

Large units have become more in demand since Covid-19. During Klimt Cairnhill’s preview in August 2021, only the penthouses and the larger apartments namely the 3- and 4-Bedrooms were available for sale.

Klimt Cairnhill will achieve Temporary Occupation Permit (TOP) at end of 2024 or early 2025. This makes it very attractive to buyers who yearns to move in early.

Units With Large Capacities Are In Demand:

2 penthouses at Klimt Cairnhill have been sold. The 4,898 sqft 6-Bedroom simplest penthouse on the 36th floor was sold for $26 mil in Nov 2021 at $5,308 psf while the 5,920 sqft 6-Bedroom duplex penthouse have 2 contenders, a Chinese national and a local. The duplex penthouse on the 35th & 36th floor is priced over $5,300 psf and will see a total quantum of above $30 mil.

Klimt Cairnhill is allowing bulk buyers to combine two 4-Bedroom units on two levels. One can find two types of 4-Bedroom units consisting 2,056 sq ft and 2,368 sqft each. If these units are combined, they will form duplexes in the sizes 4,112 sq ft and 4,736 sq ft, accordingly.

Note: For Park Nova: smallest size begins at 6,049 sqft and priced from $35 mil. Based on caveats, the lastest unit to be sold here is a 6,179 sqft unit which transacted at $36 million ($5,827 psf).

Bigger Than Average Unit Sizes:

We see that not only the larger-sized units are big, but even the 2- and 3-Bedroom units have bigger than average unit sizes compared to many other developments in the market.

Klimt Cairnhill 2- & 3-Bedroom Units:

There has been a spike in enquiries for the two-bedroom units this year, mostly from young couples and families with young children. Klimt Cairnhill’s close proximity to schools plays a role. The Anglo-Chinese School (Junior) is within a 1-kilometre radius, Eton-House International Pre-School is two minutes away, and St Joseph’s Institution, Singapore Chinese Girls’ School, and Anglo-Chinese School (Barker Road) are all within a six-minute drive.

Klimt Cairnhill developer, Low Keng Huat, will be releasing all the fifty units of 2-Bedroom and 2-Bedroom + Study when Klimt Cairnhill relaunches on 6 Feb.

These will be priced from $3,200 psf to $3,600 psf with the 829 sqsf 2-Bedroom launching at $2.65 mil.

Source: edgepropsingapore

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