A bit of information you must know. I live very close to Cairnhill Crest and I have seen what happened in the past year.
Cairnhill Crest was actually completed early this year, with people already moving into the units that were actually sold during launch. After a couple of months, we saw people moving out, and the entire place plunged into construction again.
My friend's dad just bought one of the 6 bedroom penthouses at Cairnhill Crest without knowing its history. After I told him about its history, that it had already TOP'ed but had to refurbish because of complaints from residents, he dragged me along to sort it out with the Cheung Kong agent who sold him the property
When I questioned the Cheung Kong sales agent, along with his D.T.Z co-broker about the building being already TOP'ed and seeing people move in, they denied that Cairnhill Crest was ever TOP'ed and people ever moved in and they denied that people complained about the finishings and the construction. They even made the lame excuse that "the lights and people you saw in the apartments were there because we were hosting a James Bond night", which I supposed was some kind of fancy dress party held at the supposedly unfinished condo
. Hello? Does it make sense to hold a party at an unfinished condo?
1) During its launch 3 years ago till today, there have been very few buyers of Cairnhill Crest. It is crazy - a couple of hundred apartments and only a handful sold? If this sounds frighteningly familiar, that's cos you're thinking of another condo, this time in the East, called the Costa del Sol. Costa del Sol, till today, remains largely and absurdly empty. Mind you, this is a condo with several hundred units.
Not surprisingly, both Cairnhill Crest and Costa del Sol are developed by Cheung Kong, a HK-based developer owned by property tycoon Li Ka-Shing.
2) Why is there such a lack of buyer interest in a super-prime piece of property in Cairnhill, an area where average prices are S$1,400 psf? ie:- The Light@Cairnhill? That is because, as one property news publication put it, Cairnhill Crest was "A third-rate building with third-rate finishings in a first-rate neighborhood."
So if you're thinking of moving in there: the location is superb, a 5 min walk down to Orchard Road, the views are good and unblocked. But don't expect too much, as they are now fighting against time to re-furbish a couple of hundred of units that had third-rate finishings, shoddy construction, and they may not do a very good job even this time round. God forbid, if their shoddy construction included the piling and the foundation.... who knows what may happen?
Just what kind of developer is this who projects such an image? A developer who cuts corners, employs shoddy construction, lousy finishing at the expense of their customers?
Everything I wrote here is as I have experienced it. Buyers and tenants, do your own research about this place. Cheung Kong may be able to hoodwink some of their customers, but not all.