As a kid, it was through fairy tales and Disney cartoons that I learnt of the existence of magnificent and lavish buildings such as castles and palaces reserved for only the Kings and their elite royal families. Glistering grandiose buildings only appeared on prints, screens and my imagination. All that changes today as the once imaginary illustrations get manifested into reality through Klimt Cairnhill – The Golden Palace amidst modern times, befitting the common phrase “Living in a palace”.
Read on as we navigate through all the glitz and glamour to find out what it feels like living in a palace, experiencing what was once just fairy tales in the flesh where the term ‘luxury’ might be considered an understatement.
Location
Before we get into all the spadazzle, let us take a compass check on where this extravagant archetype will take form.
The project tagline THE HEART’S DESIRE IN THE CITY’S HEART is an excellent description of its location; there is no better suited location to place a Golden Palace than in Singapore’s very own Golden Neighbourhood of Cairnhill. Occupying a freehold land in prime District 9 along Cairnhill Road, the land was acquired through en-bloc of the previous Cairnhill Mansions.
The area gets its name from the fact that it is widely known to be home to many of Singapore’s High Net Worth Individuals, Business Magnates, high profile Bankers and philanthropists over the last century.
Future owners will not only be buying into a highly sought after address exclusive to the wealthy elites but at the same time becoming neighbors in close proximity to the main Orchard shopping belt, the big boys in finance industry at Newton area along with local delights at Newton Circus and the up and coming mega health hub Healthcity Novena.
All you need is just a 10-minute stroll to be transported from tranquillity to the spirited Orchard shopping district and vice versa should you need to dial down and unwind at the end of an eventful night.
Well connected to major expressways like CTE and PIE, the slip roads leading in via Cairnhill Circle, Scotts Road and Anthony Road helps preserve the serenity of the neighbourhood while maintaining accessibility. Public commute is also close by with Newton MRT and Orchard MRT being approximately 6-minute and 11-minute walk away respectively. Parents with young children will be delighted to know that Anglo-Chinese School (Junior), EtonHouse International Pre-School and Pat’s Schoolhouse are all about 5-minute drive away.
Upon completion, Klimt Cairnhill will be one of the tallest residential developments within the neighbourhood standing at 36 storeys. Taking a look at the below comparison diagram, high floor owners would get to savour unblocked cityscape views of Orchard and Newton, or greenery views towards Goodwood Hills depending on your stack’s facing which we will explore more later on.
Project facts
Great job for making it to this point, I take it that you are bought into the palace living lifestyle. Here we are going to deep dive into what this palace is really made of.
Developer: Glopeak Development Pte Ltd (subsidiary of of Low Keng Huat Singapore limited)
Architect: DP Architects Pte Ltd
Landscape Artist: Stx Landscape Architects
District: 09
Address: 71 Cairnhill Road, Singapore 229725
Size: Land size: 1,574 sqm | GFA 4,408 | Plot Ratio 2.8
Tenure: Freehold
No. of units: 138
TOP: 2H 2024
Low Keng Huat (LKH) is no stranger in the developer’s market, a publicly listed company with 50 years of developer experience under their belt and impressive track record of other developments such as: Uptown@Farrer, Twin Regency, South Bank and the Minton just to name a few.
LKH acquired this land site back in Feb 2018 for $362 million which was home to former Cairnhill Mansions. Back then, their initial intentions were to redevelop the site into The Ritz-Carlton Residences 2 with plans to interlink it to the original Ritz-Carlton Residences which sits at the adjacent land plot. The plan did not follow through due to technical and legal issues.
Ultimately, LKH acquired another 3 additional land plots for $100 million which included a bungalow at 67 Cairnhill Road which was conserved and restored to serve as the current residents’ clubhouse in Klimt Cairnhill.
The decision to conserve the bungalow was due to its historic significance. For some of you, the name Overseas Union Bank(OUB) might ring a bell as one of the ‘Big Four’ local banks back in the 1970s. The bungalow was last owned by Lien Kwang Wah who is the brother of OUB’s founder Lien Ying Chow. After the last owner passed away, the property remained in the estate of the Lien family until its sale to LKH. Features of the restored bungalow as the clubhouse will be discussed later on when we get into the facilities.
The design brief for Klimt Cairnhill was to exude vibes of a premier resort experience that maximised floor area efficiently with a touch of bling and an atypical façade that would make it stand out from the neighbourhood skyline. Gold elements were also requested to be included to buttress it as The Golden Trophy property asset within this golden precinct of Cairnhill.
That’s how DP Architects composed this curvilinear façade design that would be covered in a blend of gold powder-coated and spray-painted finishing. Inspirations were drawn from Austrian artist Gustav Klimt who incorporated gold leaves into many of his iconic painting artworks like ‘The Kiss’ which eventually lead to the naming of the project as Klimt Cairnhill.
Project details
Going one level deeper into the project physique, let us take a look at what goes into the makings of the building structure.
Situated on a slightly elevated land of 25m, Klimt Cairnhill is a towering single column made up of 36 storeys with an overall height of 144.33m with 5 different stacks. Its facilities are integrated within the same tower except for their bungalow clubhouse. This enables residents to have an almost doorstep access to the development’s facilities.
Facilities zones are split into 3 main areas; level 1 – 4, level 5 and level 14 and the estimated monthly maintenance fees will range from $1,100 – $2,500.
Facilities zone level 1 – 4
Due to the compact land area of projects within the CCR, residents have a usual concern regarding car park lot availability. Drivers will be glad to know that the car park zone starts from basement level till level 4 which will consist of a total 138 lots (including 6 EV enabled charging lots) + 3 accessible lots. Looking at the ratio of lots to units at 1:1, we like that the developer has planned for 1 car per household unit. With the car park zones fully integrated within the main building residents need not worry about wet weather as they will be fully sheltered upon exit of their vehicles to their doorstep.
Level 1
Upon arrival, what you will see is not the typical water feature with a roundabout but instead be greeted by the majestic grand arrival porch that comes with its own concierge counter in the lobby area decked in a consistent gold hue design that transits seamlessly into the concierge area. We like that the pick-up/drop-off area has a decent area of shelter from weather elements and the driveway is formed in a roundabout figure to facilitate smooth transition of either actions.
Doing away with the water feature is also an added bonus to help to keep the cost of upkeep lowering which in turn lowers the maintenance fee which will be borne by owners.
Level 1 – 4 Facilities: The Garden Court
One of the key facilities within this section would definitely be the conserved bungalow clubhouse previously 67 Carinhill. If you ever need an alternative space to host guests, then this is one stop you would not want to miss. With its external façade retained in an Anglo-Malay style from the 1900s while having the interiors remodelled into a space boasting exquisite lounges, dining rooms and its very own verandah area perfect for afternoon tea, this will be an event space that is suitable for both corporate or private functions alike.
Dining rooms are segmented by folding screens for users to determine the level of privacy required for their events.
Guests will not only be able to enjoy the event experience but also savor the environment and ambience of the clubhouse where as its tagline goes; “Savor a piece of history for future memories”.
In an area where green spaces are limited, outdoor lovers will drool over the green carpet lawn at level 2 known as Tapis Vert elevating your ordinary grassy patch to the next level akin to a modern day “Garden of Eden” without even leaving the project premises.
Utilisation of the open grassy space can range from throwing out your picnic mat on days of fine weather as you watch your kids/furkids play catch to retreating into the night lying on your backs under the myriad starry skies dazing away or amping it up with glamour events such as cocktail parties.
Level 5 Facilities: The Oasis
Heading up to level 5, this is where you will be greeted with a slew of different pool types varying from a 50m lap pool for the serious swimmers to leisure and kids pool for the laid-back with an option of pool side dining.
For those that prefer to keep their toes dry, this deck offers spaces for revitalisation with its yoga deck and lush landscaping of flower beds.
The Oasis deck will be your gateway to a getaway without actually getting away.
Level 14 Facilities: The Horizon Terrace
Almost midway up the tower at level 14, The Horizon Terrace deck is where you would go for some alone time. This is the perfect vantage point to immerse yourself in the multiple views of the bustling city below and Singapore’s skyline. The below image is a rough preview of what the views would look like from the perspective of different facings.
The gym will also be located at this deck which faces the North direction with views overlooking the Newton area. Now what beats a workout with a view of the Newton city skyline from the 14th floor at approximately 75 metres above ground level?
Unit distribution
From the distribution chart, we can see that the 138 units are quite equally split between 2 bedroom, 2+1 bedroom, 3 bedroom and 4 bedroom units. The more exclusive units are the 4 bedroom Prestige series and 2 super penthouse units with the 6 bedroom being a single floor plate layout[ROYAL] and 5 bedroom + 2 study being a duplex layout[POSH]. At this point of writing, the single storey loading penthouse has already been sold leaving only the duplex penthouse available.
The equal distribution between 2, 3, 4 bedroom units also means that the potential residence mix would most likely be balanced between smaller households of singles/married couples and larger household families.
Another key feature to note is that only 3 bedroom units and above will be able to enjoy private life access directly into their unit.
Looking at the elevation chart, you will notice that there is a security screen that is installed from the 22nd storey onwards which will affect views facing the North for stacks 1 & 5 which consists of the 2 bedroom + 1 study and 4 bedroom deluxe units. The reason for this screen is to protect the privacy of the Istana building from units located at the higher floors overlooking their direction.
Floorplan comparison
2 bedroom: type B1 & B2
For the 2 bedroom layout, type B1 & B2 are essentially the same layout with same floor area except that B1 is for the 6th floor unit. Other than not having the private lift access the 2 bedroom units also do not come with a household shelter or storage space. The kitchen is planned in an open concept without any ventilation window as well. This will be suitable for households that do not cook on a regular basis or only do light cooking. Potential tenant pool would also be of similar profile type of single/couple demographics with probably an additional child.
Units that are on level 22 onwards will also see an extra protrusion at their balcony for similar reasons of privacy on views looking towards the Istana.
2 bedroom + Study: type B3 & B4
Similar to the 2 bedroom layout, the concept for the 2 + 1 study layout is similar except for the additional 3 sqm study room. You will be greeted by the open concept kitchen upon entering the main door with the living room and balcony tucked to one end and bedrooms on the other. Units above 22th level will also see security screens installed at the balcony.
3 Bedroom: type C1 & C2
Moving into the 3 Bedroom units, there is a significant floor area increment of 56 sqm which shows a change of audience segment catered to bigger households that would include children. Key differences would include the private lift access and main door that opens up to a foyer area. The kitchen has also been segregated into wet/dry areas including a yard area, WC as well as a storage room with ventilation window.
A small powder room is tucked away at the end of the foyer area which can double up as a guest bathroom.
The living hall is able to accommodate a 8-seater long dining table as compared to the 2 Bedroom unit which comfortably fits a 4-seater round dining table. Balcony area has also gained a substantial increase of 10 sqm compared to the 2 Bedroom units.
The 2 common rooms share a jack-and-jill toilet while the additional space in the master bedroom is sufficient for a walk-in-closet (WIC) and a study table area as well.
Similarly, an additional protrusion is present at the balcony area for units on the 22th level and above.
This layout would comfortably accommodate a family with 2 children and a live-in helper and appeal to the same demographic tenant pool who would prefer a large outdoor space.
3 Bedroom: type C3 & C4
Type C3 & C4 of the 3 Bedroom units are slightly smaller in floor area compared to Type C1 & C2 by 6 sqm. The reduction in floor area is seen in the living hall area, balcony and master bedroom. In this layout, you will notice that the dining space seems to comfortably fit a 6-seater round table only instead of the 8-seater long table. Balcony area is also slightly smaller at 14 sqm as compared to 17 sqm.
The kitchen area has been enlarged with a bigger wet kitchen doing away with the dry kitchen area and including a ventilation window.
The master bedroom still retains the walk-in-closet area but does not have a section catered for a study table.
This layout would be suitable for households that prefer more usable space who cooks more frequently and do not see themselves hosting as much in which a 6-seater dining table would suffice.
4 Bedroom: type D1 & D2
Type D1 & D2 layout are the smaller sized 4 bedroom units in the project. One key point to note for these 2 unit layouts is that they are the most affected by the privacy screen. For units on the 22th level and above will have Bedroom 2 and the master bathroom windows installed with the security screens.
In these 2 layouts, there are 2 separate balconies located in the living room and master bedroom. Living room area now sees sufficient space to accommodate a 10-seater long dining table.
Common bedroom 2 comes with its own ensuite bathroom while common bedroom 3 & 4 retains a similar configuration of sharing a jack-and-jill bathroom.
The master bedroom section comes planned with space sufficient for a single arm chair and its bathroom containing a his and hers sink and bathtub.
4 Bedroom: type D3 & D4
Type D3 & D4 units are the most premium units second to the penthouses. Notable differences compared to D1 & D2 would include a slightly smaller balcony area at both the living and master bedroom.
Common bedrooms are good sized to cater for a queen size bed with an in-built wardrobe.
1 of the common bedrooms have also been upsized into a junior master bedroom that includes a study table area and walk-in-closet that can include a king size bed.
More privacy is also provided for the master bedroom as it is separated from the other bedrooms. The master bedroom quarters has also expanded to include a L-shape walk-wardrobe space where only a single row was catered previously. The room space now can accommodate an elongated lounge chair or even a small coffee table set. The master bathroom will have a stand alone bathtub area with the wall shower, there is no separate shower stall but it will have a wider sink area.
Such a layout would seem more attractive to households that are planning for multi-gen living with a larger communal dining area and privacy for the master bedroom.
Here are some showroom styling photos to provide an idea on the furnishings and fittings of this unit which includes top-of-the-line brands:
The powder room is furnished with marble flooring and features a sink from Duravit and mixer tap from Italian brand Gessi.
In the dry kitchen area, wine fridge and a concealed refrigerator are both from German-Swiss brand Liebherr.
For the wet kitchen zone, you will have high-end German brand Miele for a 3-burner gas hob and hood and also a 3 set built-in microwave, oven and dishwasher. Kitchen sink provided is a double bowl stainless steel series from Franke complete with Hansgrohe faucet.
Moving towards the yard area, we like that the carpentry works provided have catered sufficient space to conceal both the stand-alone washing machine and dryer which is also from Miele. The storage section has also been planned efficiently to double up as a helper’s room which can comfortably accommodate a single-sized bed with storage frame for households with live-in helpers.
The balcony section in the living room is generously sized which can fit up to an 8-seater table if you would like some outdoor dining or a tea appreciation session like the current style of the showflat unit.
If you recall, the master bedroom is separated from the other rooms by the living hall area. This passageway leads to the common bedrooms and junior master bedroom which has carpentry treatment with a similar greyish tone on one side and mirror glass on the other, maintaining the modern contemporary feel while providing a perception of expanded space.
The 2 common bedrooms share a jack-and-jill bathroom that comes with Duravit WC and Gessi sanitary fittings. One of the common bedrooms has been styled as a home office which would provide a good visualisation of the space seeing as how work-from-home will still be the norm for some of us.
The Junior master bedroom has this small pocket of space which is just right for a study table or dresser table seeing as the walk-in-closet space does not have a vanity section.
For the showroom styling, a partition has been erected at the walk-in-closet area and vanity section has been included to provide some ideas on where to place the vanity counter as unlike the junior master bedroom, the sleeping area is a squarish layout.
Penthouse – POSH
As the only Penthouse remaining, Type PH2 is the duplex penthouse layout unit.
On the lower level houses mainly the communal areas and the junior master bedroom.
The living room area has a high ceiling height of almost 7m.
The junior master bedroom now comes equipped with a full on walk-in-closet of 3 rows including a makeup table area and a study room that can double up as a private living room which can comfortably accommodate a 3-seater sofa along with 2 single seaters, a coffee table and TV console.
The dining area can expand into a 12-seater long table with a full L-shape counter top space in the dry kitchen area.
The upper level consists of a full livable area housing the remaining 4 bedrooms that can be accessed via the main private lift or an internal lift system as well.
The master bedroom has an entire section space catered for an all round walk-in-closet and still has sufficient space to create a mini living room area within the room.
Each common bedroom comes with its own ensuite bathroom with bedroom 4 almost equivalent to a junior master bedroom featuring a walk-in-closet wardrobe space as well.
There is also a dedicated study room space catered on the upper floor which is ideal for households with children still studying or if you need to carve out a separate home office space from your bedroom.
Price Review
Till date, there have 3 completed sales transactions within Klimt Cairnhill of which includes Penthouse – ROYAL type PH1.
Due to the lack of data on transacted prices, we will be evaluating the current asking prices of the different unit types and compare it vis-à-vis to surrounding projects to see how the price action fair.
Looking at the above table on transacted prices of nearby projects, you will notice that the sales volume is relatively low. This could also mean that the holding power of the owners is strong. Looking at Ritz-Carlton Residences which is in the closest proximity and also with the highest transaction volume, the average price of $3,892 psf is fairly close to the current transacted unit prices at Klimt Cairnhill of between $3,8xx – $4,0xx psf.
Considering that Ritz-Carlton Residences is already 11 years old and because it was built before the era of TDSR implementation, the absolute quantum prices are fairly high in comparison, ranging from over $10m due to the nature of larger sized units. Looking at the current asking prices ranging from $3,6xx – $5,0xx psf for their regular single plate units the current asking prices are fairly close to Klimt Cairnhill new launch pricing.
If we compare the current asking price of the largest unit which is a 4 bedroom prestige unit at Klimt Cairnhill vis-à-vis a 3 bedroom unit at Ritz-Carlton Residences which are both at about which are both over 2,000 sqft in size, the absolute quantum pricing is similar at $10m odd. This would trigger a disparity effect once buyers see that the difference is not vast and the premium of a higher psf pricing is the opportunity cost of obtaining a unit in a newer development with more modern design and facilities.
Another thing we noticed is that Scotts Tower, a 99-year leasehold development is second in place for the most number of transactions in the last 24months even though its surrounding projects are all freehold in nature. When Scotts Tower was launched, it was marketed as a SOHO living concept. As such, unit layouts in the project were of smaller sizes and the floor plans had catered for a home office space.
Looking at the past 8 resale transactions over the last 24 months, in fact all of them were unprofitable transactions.
Looking into the demographics of the initial buyers of Scotts Tower, the majority of them were made up of foreigner profiles which represented 62.6% of the total resident population. Based on the current asking prices of units sourced from popular property portals, the majority of them are being marketed at a loss. As we can see from the graph above, in fact since the project launch, the transaction prices have been on a downward trend till today.
With reference from the above table, based on the recorded rental transactions, it would seem that Scotts Tower yielded the highest compared to other surrounding projects. What we may deduce is that due to the leasehold nature of the development in comparison to surrounding projects which are all freehold, capital appreciation is non-existence and units are not able to retain their value.
However, due to the archetypal configuration of units in Scotts Tower being of smaller size as compared to Elizabeth Height, The Edge on Cairnhill, Scotts 28 and Ritz-Carlton Residences as these were older projects built before the implementation of the TDSR measures with units starting from 2,000 sqft and above, would seem more favourable in the rental market as seen in the rental yield being highest amongst competitors within the vicinity.
Our Recommendation
Drawing from the above comparison, our top pick would be the 4 bedroom prestige units. Considering that the number of 4 bedroom prestige units is only limited to 7 and occupying the top few floors of views overseeing the Newton area this definitely gives this unit type an additional level of exclusivity.
The units are also not affected by the security screens due to its premium facing with a direct North-South facing and based on the floor plan configuration of being multi-gen ready, this would definitely be a plus point as well seeing as the trend for larger units are picking up.
The floor plan configuration is almost equivalent to penthouse living having its master bedroom separated from the other bedrooms for the additional privacy and a large enough communal space in the living area with an enclosed wet kitchen that comes with ventilation windows.
From a luxury unit point of view, its quantum entry price point is in a sweet spot considering that there are no other recent new launches and Klimt Cairnhill will be the newest kid on the block of this golden neighbourhood.
With its quantum asking price similar to older projects that are of 10 years of age and older, it is likely that a disparity effect will be formed for investors who are looking for a Cairnhill address but prefer something that is newer and more modern. Coupled with stronger holding power of investors that buy into properties within the D9 area, there is potential for further capital appreciation as it accumulates in value as a trophy property asset as any upcoming new launch projects will most likely be at a higher price point with the increase of Government Land Sales pricing.
We can see this translated to new launch projects in the RCR regions already hitting a $2000psf price point. Looking back at how CCR pricing has not hit its peak in the last 10 years, there is a high probability that due to the closing gap of pricing between CCR developments and RCR/OCR there will be a shift in gears with more attention diverted towards the CCR which will in turn push up the demand and prices.
Should you be interested to find out more about the project and have a further chat of an in-depth analysis of adding Klimt Cairnhill to your portfolio feel free to reach out to our specialised team of buyer consultants who will be able to assist you further.
Thanks for reading all the way till the end and we look forward to sharing more educational content which might be beneficial for your property investment journey.
