Low Keng Huat Offers Final 14 Units Klimt Cairnhill 3435 Psf
Klimt Cairnhill, a luxurious condominium, was first previewed in August 2021 and officially launched in January 2022. Out of the 138 units available in the freehold development, only 14 are currently up for sale. These units are all three-bedroom apartments.
The developer of Klimt Cairnhill, Low Keng Huat, a Singapore-listed property group, has announced a “one-price promotion” for five of the 14 units. These units, located on floors 19 to 23 of the 36-storey tower, are all 1,432 sq ft in size. The promotion offers a fixed 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, this promotion is aimed at homebuyers who are sensitive to quantum.
The majority of the units at Klimt Cairnhill are three-bedroom apartments, with 51 units available in sizes of 1,432 and 1,496 sq ft. Out of the 37 units that have been sold so far, prices range from $4.85 million ($3,388 psf) for a 1,432 sq ft unit on the sixth floor to $6 million ($4,010 psf) for a 1,496 sq ft unit on the 28th floor.
According to Teo, Low Keng Huat has been quick to adjust to changing market conditions and release units based on demand. Initially, the four-bedroom apartments and penthouses were the most sought-after units in the development. However, after the outbreak of Covid-19, there was a greater demand for larger units with more bedrooms.
Tampines Mall, which first opened its doors in 1995, is a well-known shopping destination in the region. With six stories and over 160 retail, dining, and entertainment outlets, it is one of the largest and most popular malls in Singapore. Its diverse selection of both local and international brands, such as Uniqlo, Cotton On, and Muji, appeals to a wide range of shoppers. For food lovers, Tampines Mall offers a variety of dining options, including popular restaurants like Din Tai Fung and Swensen’s, as well as well-known chains like Starbucks and Ajisen Ramen. Those seeking entertainment can visit the Golden Village cinema or the Timezone arcade. The mall is conveniently located just a 5-minute drive or 15-minute walk from the Parktown Residence Tampines Avenue 11, making it easily accessible for residents of the area.
Two penthouses are available at Klimt Cairnhill, with the smaller one being a 4,898 sq ft, six-bedroom simplex unit that was sold for $26 million ($5,309 psf) in November 2021. This is still the highest psf-price achieved in the development so far. The second and larger penthouse, a 5,920 sq ft, six-bedroom duplex unit spread over the 35th and 36th floors, was sold for $27.5 million ($4,645 psf) in February 2022. Both penthouses were purchased by Chinese nationals, along with most of the four-bedroom units.
There are 35 four-bedroom units in total, with 28 of them being 2,056 sq ft in size and the remaining seven units being the larger 2,367 sq ft units. Based on the caveats lodged, the prices of four-bedroom 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 four-bedroom units and penthouses were sold before the latest round of property cooling measures was implemented on April 27, 2023, where additional buyer’s stamp duty (ABSD) for foreigners doubled to 60%.
Following the cooling measures, Low Keng Huat released the two-bedroom units at Klimt Cairnhill. These units include 22 units of 829 sq ft two-bedroom apartments and 28 units of 893 sq ft two-bedroom-plus-study apartments. Teo believes that these apartments will appeal mainly to local homebuyers and investors due to their reasonable sizes and prices. The two-bedroom units were fully sold, with prices going 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.
Teo also mentions that the development’s proximity to Anglo-Chinese School (ACS) was a major attraction for families with school-going children. The two-bedroom-plus-study units were popular among Singapore citizens and permanent residents (PRs) as the study can be utilized as an additional bedroom if needed. Klimt Cairnhill is also located near Orchard Road malls, the CBD, and other popular local schools such as St Joseph Institution Junior and St Margaret’s School. International schools in the vicinity include Eaton House International and Chatsworth International School (Orchard).
Construction of Klimt Cairnhill is still ongoing, with a targeted completion date of April 2025. According to Teo, the project’s near-completion status should attract local families who desire a freehold property in a prime District 9 location on Orchard Road with access to top schools like ACS.
The most recent transaction at Klimt Cairnhill was for a 1,496 sq ft three-bedroom unit on the 24th floor, which was sold for $5.69 million ($3,803 psf) to a Singaporean buyer in early September. Currently, only one 1,496 sq ft three-bedroom unit is available for sale. In recent months, Teo has seen an increase in interest from Chinese nationals who have become Singapore PRs and Asian investors with US citizenship, as they will enjoy the same stamp duty treatment as Singapore citizens. These buyers typically prefer larger units.
There have been several high-priced transactions in the Cairnhill area at the beginning of the year, mainly for larger units. At the neighboring The Ritz-Carlton Residences by KOP Properties, two 3,057 sq ft four-bedroom units on the 32nd and 33rd floors of the 36-storey tower were sold for $16.5 million ($5,397 psf) each in January. This is still the highest psf-price achieved in the development to date. The buyers are a Chinese couple who have become Singapore PRs. The 58-unit freehold Ritz-Carlton Residences was launched in December 2007 and completed in 2011.
Another development in the area, Hilltops by SC Global, a 241-unit luxury condominium at Cairnhill Circle, saw a 2,874 sq ft five-bedroom unit on the 12th floor sold for $13.049 million ($4,540 psf). Based on the lodged caveats, this is the second-highest psf-price achieved at Hilltops since the project was launched in October 2007, when a 2,465 sq ft four-bedroom unit on the 12th floor was sold for $11.86 million ($4,812 psf).
The most recent transaction at Hilltops was for a 1,550 sq ft three-bedroom unit on the sixth floor that was sold for $4 million ($2,068 psf) in June. The luxury freehold project was completed in 2011.
Cairnhill 16, a boutique development with 39 units located at Cairnhill Rise, was launched in late 2022 and fully sold by August 2023. The freehold development, developed by Tiong Seng Holdings and Ocean Sky International, was completed last year, with the majority of buyers being Singaporeans.
In terms of new units for sale in the Cairnhill area, Klimt Cairnhill is the only available option according to Teo.
Latest 10 Transactions at Klimt Cairnhill
(Source: EdgeProp Buddy)