When considering investing in condos in Singapore, one must also take into account the government’s property cooling measures. Through the years, various policies have been implemented by the Singaporean government to discourage speculative buying and maintain a stable real estate market. Among these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreigners and individuals buying multiple properties. While these measures may affect the immediate profitability of condo investments, they ultimately contribute to the overall stability of the market, creating a safer environment for investing in condos.
Low Keng Huat’s executive director Alvin Teo: “Right from the start, Low Keng Huat was swift to respond to shifting market conditions and release units based on demand at that point in time.” (Photo: Samuel Isaac Chua/EdgeProp Singapore)Luxury development Klimt Cairnhill was first previewed in August 2021 and officially launched in January 2022. Since then, the freehold condo, situated on Cairnhill Road, has only 14 units out of 138 available for sale. These remaining units are all three-bedroom apartments.Developed by Singapore-listed property group Low Keng Huat, Klimt Cairnhill is offering a “one-price promotion” for five of these 14 units. These units, which are located on the 19th to 23rd floors of the 36-storey tower and span 1,432 sq ft each, have a fixed price of $5.138 million or $3,588 psf. There is also one remaining 1,432 sq ft unit on the 10th floor, priced at $4.92 million or $3,435 psf. Executive director of Low Keng Huat, Alvin Teo, says that these units are targeted at buyers who are sensitive to quantum.In total, there are 51 three-bedroom units at Klimt Cairnhill, with sizes ranging from 1,432 to 1,496 sq ft. Out of the 37 units that have been sold to date, prices have ranged 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 unit on the 28th floor.Read also: Klimt Cairnhill’s two- and three-bedders target locals after cooling measures Low Keng Huat’s executive director Alvin Teo: “Right from the start, Low Keng Huat was swift to respond to shifting market conditions and release units based on demand at that point in time.” (Photo: Samuel Isaac Chua/EdgeProp Singapore)Luxury development Klimt Cairnhill was first previewed in August 2021 and officially launched in January 2022. Since then, the freehold condo, situated on Cairnhill Road, has only 14 units out of 138 available for sale. These remaining units are all three-bedroom apartments.Developed by Singapore-listed property group Low Keng Huat, Klimt Cairnhill is offering a “one-price promotion” for five of these 14 units. These units, which are located on the 19th to 23rd floors of the 36-storey tower and span 1,432 sq ft each, have a fixed price of $5.138 million or $3,588 psf. There is also one remaining 1,432 sq ft unit on the 10th floor, priced at $4.92 million or $3,435 psf. Executive director of Low Keng Huat, Alvin Teo, says that these units are targeted at buyers who are sensitive to quantum.In total, there are 51 three-bedroom units at Klimt Cairnhill, with sizes ranging from 1,432 to 1,496 sq ft. Out of the 37 units that have been sold to date, prices have ranged 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 unit on the 28th floor.Read also: Klimt Cairnhill’s two- and three-bedders target locals after cooling measures However, with the implementation of the latest cooling measures on April 27, 2023, only one 1,496 sq ft three-bedroom unit is still available for sale. The remaining units have been taken up by buyers comprising mainly Chinese nationals.Additionally, there are only two penthouses at Klimt Cairnhill, which are highly sought after by foreign buyers. The 4,898 sq ft, six-bedroom simplex penthouse was sold for $26 million ($5,309 psf) in November 2022, while the larger 5,920 sq ft, six-bedroom duplex on the 35th and 36th floors was sold for $27.5 million ($4,645 psf) in February 2023. Both penthouses were purchased by Chinese nationals.According to Teo, there has been an increase in buying interest from Chinese nationals who have received their PR status, as well as Asian investors who are US citizens and are therefore not subjected to the higher stamp duty rates. These buyers tend to prefer larger units.Two- and three-bedroom units targeted at localsWith the latest cooling measures, Low Keng Huat has decided to release the two-bedroom units at Klimt Cairnhill. These units, comprising 22 829 sq ft units and 28 893 sq ft units, have been fully taken up at prices ranging from $2.63 million ($3,173 psf) to $3.138 million ($3,512 psf).Teo also notes that the development’s proximity to the popular Anglo-Chinese School (ACS) has been a major draw for young families with school-going children. The study room in the two-bedroom-plus-study layout has also been popular among Singaporeans and PRs, as it can be converted into an additional bedroom if needed. Klimt Cairnhill is also conveniently located near Orchard Road, as well as other top schools such as St Joseph Institution Junior and St Margaret’s School. International schools, such as Eaton House International and Chatsworth International School (Orchard), are also situated nearby.With construction still underway, Klimt Cairnhill is expected to obtain its Temporary Occupation Permit (TOP) by April 2025. Teo believes that this development would be attractive to local families due to its freehold status, its prime location at Orchard Road and its close proximity to excellent schools.Furthermore, the Cairnhill area has seen several high-priced transactions at the start of the year, where larger units were in high demand. In January 2023, two 3,057 sq ft, four-bedroom units at The Ritz-Carlton Residences by KOP Properties were sold for $16.5 million ($5,397 psf) each. This is the highest psf-price achieved in the development to date. The 58-unit freehold development was launched in December 2007 and completed in 2011.Also in the Cairnhill vicinity, a 2,874 sq ft, five-bedroom unit at Hilltops by SC Global was sold for $13.049 million ($4,540 psf). Based on caveats lodged, this is the second-highest psf-price achieved in the development since its launch in October 2007, when a 2,465 sq ft, four-bedroom unit was sold for $11.86 million ($4,812 psf). 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. This 241-unit luxury freehold development was completed in 2011.Cairnhill 16, a 39-unit boutique development located at Cairnhill Rise, was launched in late 2022 and fully sold by August 2023. Jointly developed by Tiong Seng Holdings and Ocean Sky International, this freehold project was completed last year and saw mostly Singaporean buyers.Overall, Klimt Cairnhill is currently the only development with new units available for sale in the Cairnhill area.