Low Keng Huat Offers Final 14 Units Klimt Cairnhill 3435 Psf
Klimt Cairnhill, a luxurious freehold condominium, was previewed in August 2021 and launched in January 2022. With only 14 of the 138 units available for sale, the developer, Singapore-listed property group Low Keng Huat, is offering a “one-price promotion” for five of the remaining units. These units are all three-bedroom apartments with a size of 1,432 sq ft and are located on the 19th to 23rd floors of the 36-storey tower. The promotion offers a flat price of $5.138 million or $3,588 psf for each unit across all five floors. Additionally, there is 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 homebuyers who are conscious of the quantum price.
Out of the 51 three-bedroom apartments at Klimt Cairnhill, only one 1,496 sq ft unit is still available for sale. The remaining units are all 1,432 sq ft, with 37 of them already sold at prices ranging from $4.85 million ($3,388 psf) to $6 million ($4,010 psf). Low Keng Huat was quick to respond to changing market conditions and released units based on demand, with the four-bedroom apartments and penthouses being the most in demand during the first phase of the launch. It was the post-Covid-19 era that led to a surge in demand for larger units with more bedrooms.
There are only two penthouses at Klimt Cairnhill, with the first unit, measuring 4,898 sq ft and featuring six bedrooms, sold for $26 million ($5,309 psf) in November 2021, making it the highest psf-price achieved in the development to date. The second and larger penthouse, spanning 5,920 sq ft across the 35th and 36th floors, was sold for $27.5 million ($4,645 psf) in February 2022 to Chinese buyers. Chinese nationals also make up most of the buyers of the four-bedroom units, with 35 units in total, 28 of which are 2,056 sq ft and seven are larger at 2,367 sq ft. Prices for these units ranged from $6.93 million ($3,371 psf) to $10.098 million ($4,264 psf).
Following the recent property cooling measures, Low Keng Huat released the two-bedroom units at Klimt Cairnhill, with 22 units measuring 829 sq ft and another 28 units measuring 893 sq ft. These units were quickly taken up by local homebuyers and investors at prices ranging from $2.63 million ($3,173 psf) to $3.138 million ($3,512 psf). The developer also highlighted the proximity to Anglo-Chinese School (ACS) as a main draw for families with school-going children. The two-bedroom-plus-study units were especially popular among Singapore citizens and permanent residents (PRs) as the additional study could serve as a bedroom when needed.
Located near Orchard Road, the Central Business District (CBD), and popular local schools such as St Joseph’s Institution Junior and St Margaret’s School, Klimt Cairnhill is also close to international schools such as Eaton House International and Chatsworth International School (Orchard). With construction set to be completed in April 2025, Teo believes that the project will be appealing to local families who desire a freehold property in the prestigious District 9 and close proximity to good schools like ACS.
Rewritten:
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In recent months, there has been an increase in interest from Chinese nationals who have become Singapore PRs and Asian investors who are US citizens and thus enjoy the same stamp duty treatment as Singapore citizens. As they typically prefer larger units, the remaining units at Klimt Cairnhill should be attractive to them. The Cairnhill area has also seen a number of high-priced transactions, with two 3,057 sq ft four-bedroom units at The Ritz-Carlton Residences by KOP Properties sold for $16.5 million ($5,397 psf) each in January. The second-highest psf-price in the development was achieved at Hilltops by SC Global, with a 2,874 sq ft five-bedroom unit selling for $13.049 million ($4,540 psf). These transactions were mainly for large units, indicating a strong demand for spacious properties.
With Klimt Cairnhill being the only new development with available units for sale in the Cairnhill area, Teo expects that the remaining units will be quickly snapped up, especially among local families and investors.
