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PEARL BANK APARTMENTS SOLD and CAPITALAND TO LAUNCH NEW CONDOMINIUM IN 2019

1) SINGAPORE — Developer CapitaLand has bought Pearl Bank Apartments for S$728 million through a private treaty collective sale, and expects to launch the new development in the first half of 2019, with a target completion date of early 2023.

The iconic Pearl Bank Apartments has a horseshoe-shaped in Outram is the latest development to be successfully sold on the red hot en bloc market.

Announcing the sale on Tuesday (Feb 13), the development’s marketing agent Colliers International said the sale price, which met the owners' reserve price, works out to a land cost of about S$1,515 per square foot per plot ratio.

This is after factoring in an upgrading premium of about S$201 million for the lease top-up, with no development charge payable.

This was the fourth attempt at a collective sale of Pearl Bank Apartments, development near Chinatown, which launched its latest collective sales tender a month earlier on Nov 16.

Although the public tender closed on Dec 19 last year with no buyer, laws governing collective sales allow the owners to enter into a private treaty contract with a buyer within 10 weeks from that date.

Pearl Bank Apartments comprises of a block of 37 storey of 288 units — 280 apartments and eight commercial units — and has a 99-year leasehold tenure, with effect from June 1970.

Apartment owners, whose units range from 1,323 sq ft to 3,993 sq ft in size, stand to receive between S$1.8 million and S$4.9 million from the property's successful sale. Owners of commercial units ranging from about 700 sq ft to 5,630 sq ft in size will potentially receive between S$1.2 million and S$6.9 million.

Mr Alex Poh, the collective sale committee chairman, said that residents had previously explored the idea of conserving the building due to its history and history, but found out that conservation would be costly and a "huge burden", following deeper analysis of the building structure and required enhancement work.

"In addition, the redevelopment of the ageing building will also be in line with the ongoing renewal of Outram. The future development will enhance the architectural transformation of the area and the owners strongly support the redevelopment of Pearl Bank Apartments," he added.

The building site is also subjected to the Pre-Application Feasibility Study, announced by the Urban Redevelopment Authority on Nov 13 last year.

The introduction of the study, just weeks before the close of the public tender, was a setback for the collective sale as interested parties needed more time to assess its impact, noted Mr Poh.

In a separate media release, developer CapitaLand said subject to approval by the authorities, it plans to redevelop the site into a high-rise residential development comprising around 800 units with a host of social, shared facilities, which will “foster community spirit and celebrate the area’s unique heritage”.

The site atop Pearl’s Hill in Outram Park has a land area of 82,376 sq ft, with an existing plot ratio of 7.45.

Calling it a “rare gem”. Pearl Bank Apartments, with its prime location at the confluence of Singapore’s business and cultural districts as well as its excellent transport connectivity, CapitaLand’s president and group chief executive officer Lim Ming Yan said: “We look forward to creating yet another architectural icon in Singapore by reinvigorating the area with a unique design – one which will blend modern aesthetics and heritage elements to reflect the rich, multifaceted culture of Chinatown.”

The new development is slated to be launched for sale by the first half of next year, said a CapitaLand spokesperson, and targeted to be completed by early 2023, after the opening of the Thomson-East Coast line, the third MRT line, in Outram.

Colliers International managing director Tang Wei Leng expects future apartments in the development to be sold at around S$2.5 million.

"(This is) relatively affordable for such a choice location. Such a prominent site at the fringe of the Central Business District, with excellent connectivity via the Outram MRT interchange station, is hard to come by," she added.

Noting that there hasn’t been any major residential land sale in Chinatown for quite some time, ZACD Group executive director Nicholas Mak said it would set a benchmark for residential land in the city fringe area, and have a bearing on other en bloc sales in the area.

Adding that CapitaLand could be trying to catch the market on the upcycle following three-and-a-half years of declining property prices, Mr Chris Koh, director of property firm Chris International, said the projected launch and completion timeline shows that the developer is “rushing to get it out”.

But International Property Advisor chief executive Ku Swee Yong cautioned that delays might be inevitable, given the booming number of en bloc sales recently on top of the usual Government land projects.

Not only could the Urban Redevelopment Authority’s planning department have a lot on its plate now, but CapitaLand might also need to strengthen the foundation before beginning construction, which could result in a delay of six to 12 months, he added.

In the meantime, veteran architect Tan Cheng Siong, who designed Pearl Bank in 1976, told TODAY that he hopes the existing building will be converted rather than torn down. 

The current interior could be remodeled to accommodate more units, and a new block built to house 200 more units, he said.

“I hope the new owner (CapitaLand) will adopt our voluntary conservation development strategy, not just focus purely on development,” he added, referring to the “voluntary conservation” project that he and his partner Daniel Law embarked on at Pearl Bank three years ago.

While the pair had gotten 92 per cent of approval from residents on the redevelopment then, they needed to get unanimous consent under the law to realise the project.

Mr Tan also called for the Government to give more incentives, such as extra plot ratio, to developers to conserve buildings like Pearl Bank. 

“Conservation is not understood by developers or owners as value-adding to an existing property. There is no extra incentive from the Government, no reason for conserving,” he said.

Source: Today On Line

LANDMARK TOWER IN CHIN SWEE ROAD SOLD EN BLOC FOR S$286 MILLION

2) The 139-unit Landmark Tower at Chin Swee Road has been sold to a joint-venture (JV) company for $286 million, according to a release by marketing agent JLL. One of the JV partners is said to be a public listed company.

The 60,821 sq ft site is zoned for residential use with an as-built plot ratio of 4.0. The winning bid of $286 million translates to a land rate of $1,406 psf per plot ratio (ppr) after taking into consideration the lease upgrade premium of $57 million, estimates Tan Hong Boon, JLL regional director.

The price of $1,406 psf ppr compares favourably to the $1,515 psf ppr achieved at Pearl Bank Apartments, which was sold to CapitaLand in February. Landmark Tower is also a 99-year leasehold development located next to Pearl’s Hill City Park, near Pearl Bank Apartments.

Given its vantage point, Landmark Tower offers residents 360-degree city views. Based on the sale price, the owners of Landmark Tower will receive gross proceeds between $1.6 million and $4.9 million from the collective sale, adds JLL’s Tan.

The 33-year old development was put up for collective sale on April 10 with a reserve price of $285 million, althought owners had expected in excess of $300 million ($1,474 psf ppr) for it. 

ASIA GARDENS IN EVERTON ROAD SOLD EN BLOC TO SUSTAINED LAND

3) ASIA Gardens, a freehold development, located in District 2, has been sold for S$343 million in a collective sale to a Sustained Land-led consortium including Ho Lee Group and other partners.

Owners at the 23-storey development, which has 80 apartment units and four penthouses, are expected to receive gross sale proceeds of between S$3.476 million and S$7.73 million per unit.

The sale price reflects a land rate of S$1,722 per square foot per plot ratio (psf ppr). Due to the high development baseline, there is no development charge payable, which translates to S$1,565 psf ppr including the 10 per cent bonus balcony area.

The development has a land area of about 72,059 square feet (sq ft) and a gross plot ratio of 2.8. It was completed in the late 1980s and is located along Everton Road in the Spottiswoode enclave.

It is close to the CBD and a short drive away from Marina Bay, Clarke Quay, Orchard Road and Harbourfront, said marketing agent Edmund Tie & Company in a statement on April 17.

It can potentially be redeveloped into a 36-storey residential condominium project with about 264 apartment units, subject to the authorities' approvals.

Edmund Tie & Company's senior director of investment advisory Swee Shou Fern commented: "Asia Gardens represents probably the last freehold residential redevelopment site in the precinct. It is ideally oriented with north-south facing and units in the new development will be able to enjoy unobstructed panoramic views of the city skyline and sea beyond the Tanjong Pagar port area."

Its asking price when the tender was launched in March was S$338 million.

Sustained Land led a consortium that acquired Parkway Mansion along Amber Road in an en bloc deal for S$146.99 million in December 2017.

Sustained Land also bought The Albracca for S$69.1 million in July 2017, for S$69.1 million.

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