Unit at The Peak @ Cairnhill I on the market for $1.6 mil
Aone-bedroom unit at The Peak @ Cairnhill I, located along Cairnhill Circle in District 9, is for sale under private treaty at $1.6 million ($2,360 psf). This is according to Edmund Tie, which has been appointed marketing agent by the bank handling the mortgagee sale.
The freehold property on the fifth floor of the development spans 678 sq ft, says Joy Tan, senior director, head of auction and sales at Edmund Tie. The unit is in a “wellkept condition and the new owner will not need to spend much on renovations, especially if it is for rental purposes”, she adds.
The unit has a simple and functional layout, with a “good-sized” living area and bedroom which can accommodate a kingsized bed, she adds. The household shelter serves as added storage space and there is also a study area, conducive for those who work from home.
Similar-sized units at the development have fetched between $2,600 and $3,200 last year, based on URA caveats lodged. The unit on the market has “potential capital appreciation as prices in the core central region are soaring above $3,000 psf”, says Tan.
The development is near a range of healthcare facilities like Gleneagles Hospital, Mount Elizabeth Hospital and KK Women’s and Children’s Hospital. It is also located within a school catchment area, and close to top schools like Anglo-Chinese School (Junior). The Singapore Botanic
Gardens and Dempsey enclave, where residents can have recreational activities, is a short drive away.
Tan believes the unit will attract owner-occupiers such as young couples, single working professionals, older retirees looking to downsize their homes, as well as investors who are targeting to rent out to tenants working in the medical institutions nearby. “Freehold developments will get a better value [as such developments will benefit from greater] capital appreciation,” she adds.
The most recent transaction at the development was in November 2020 when a 592 sq ft unit on the 11th floor changed hands for $1.14 million ($1,931 psf). In September 2020, a 926 sq ft unit on the first floor was sold at $1.3 million ($1,404 psf), based on URA caveats lodged.