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Pearl Bank Apartments

Pearl Bank Apartments, located along Outram Road, has been sold to CapitaLand through a collective sales, in the 1st quarter 2018, for S$728 million.

It has a land site area of 82.376 square feet and is located in the Central Region of Singapore. Pearl Bank Apartments is bounded by Outram Park and Pearl Bank and has a 37-storey development comprises 288 units (280 apartments and eight commercial units) and has a 99-year leasehold tenure with effect from June 1970Apartment 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.

The sale price of S$728 million, translates to a land cost of about S$1,515 per square foot per plot ratio. This is after factoring in an upgrading premium of approximately S$201 million for the lease top-up. There is no development charges.

One Pearl Bank

Pearl Bank Apartments, after the top up of lease, will be redeveloped into One Pearl Bank (new launch).

New Launch- One Pearl Bank- Connectivity
The nearest train station is Outram Park Interchange where the North East Line, East West Line and the upcoming Thomson East-Coast Line are available. Future residents of One Pearl Bank will find it a breeze to commute with these complete train services.
With its convenient location in the Central Region, future residents of One Pearl Bank will take drivers 6 minutes to reach Orchard Shopping District and 8 minutes to Central Business District (CBD), City Centre and Marina Bay. Drivers can easily link to Ayer Rajah Expressway (AYE) which connects to Marina Coastal Expressway (MCE).
Future residents of One Pearl Bank can also find convenience using Central Expressway (CTE) via Outram Road and these allows easy connectivity to various parts of Singapore. Southern Waterfront District Vivocity, Harbourfront, Universal Studio, Resort World and Sentosa.

New Launch- One Pearl Bank Amenities
There are more than 10 shopping malls nearby One Pearl Bank. Options are plenty when it comes to dining. Residents can choose to indulge in the bistros located along Tanjong Pagar Road, Amoy Street and all the way till Mosque Street. For residents who prefers local food, there are food centres that are located within short distance from which are Tanjong Pagar Market & Food Centre, Chinatown Complex, Maxwell Food Centre, People’s Park Complex Food Centre, Amoy Street Food Centre, Tiong Bahru Market & Food Centre, Hong Lim Market & Food Centre and Lau Pa Sat.


There is strong rental demand from tenants working the CBD, Orchard, MBFC and Pasir Panjang area especially in and near Tanjong Pagar area. Rental yield can be expect to increase as well. Value in or near CBD area is always on the rise and with the upcoming Waterfront City, this will most probably have a high impact on One Pearl Bank's return. In addition, Outram precinct will also be transformed into a healthcare, wellness and research hub – Singapore General Hospital Campus through a 20-year redevelopment plan by healthcare group SingHealth. With Singapore’s largest healthcare hub in Outram, there will be strong demand from medical research and education professionals.

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Other Developments in
Core Central Region
Project  Outram New Condo at the former site of Pearl Bank
Developer  CapitaLand
Location  Outram Road, 1 Pearl Bank
District  02
Tenure  99 years leasehold
Site Area  7,653 square metres/ 82,376 square feet
Plot Ratio  7.45
Expected TOP:
Total Units  Approximately 800 residential apartments
Total Carpark
Development  Condo comprising of communal facilities
Unit Type:
Eligibility SC, SPR and Foreigner can buy


Pearl Bank location


The Facilities and Site plan of new condo launch at the former site of PearlBank, along Outram Road are currently seeking approval from relevant authorities. 

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Pearl Bank Apartments

SINGAPORE - The landmark horse-shoe shaped Pearl Bank Apartments near Outram Park MRT station will be torn down for redevelopment after it was sold to CapitaLand in a S$728 million collective sale.

CapitaLand said that the acquisition - which matched the owners' reserve price - was through a private treaty collective sale. With an additional lease top-up premium estimated at S$201.4 million, the sale price translates to a land price of about S$1,515 per sq ft per gross floor area.

Subject to certain conditions, CapitaLand plans to redevelop the site into a high-rise residential development, comprising about 800 units with "social, shared facilities".

The 37-storey development was sold following the close of its collective sale tender on Dec 19, 2017. The building comprises a total of 288 units (280 apartments and eight commercial units), and has a 99-year leasehold tenure with effect from June 1970.

Owners of apartment units, which range in size from 123 sq m to 371 sq m (approximately 1,323 sq ft to 3,993 sq ft), stand to receive between S$1.8 million and S$4.9 million from the sale.

Owners of commercial units with sizes ranging from 65 sq m to 523 sq m (approximately 700 sq ft to 5,630 sq ft), will potentially receive between S$1.2 million and S$46.9 million.

The site of the apartments is subject to the Pre-Application Feasibility Study (PAFS), which was announced by the Urban Redevelopment Authority on Nov 13, 2017.

Mr Alex Poh, chairman of the Pearl Bank Apartments collective sale committee, said: "The introduction of the PAFS - 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. Despite the challenges, we are pleased that Colliers, with its extensive network of investors and real estate expertise, managed to secure a deal through private treaty. This is a very good result for the owners amid a red-hot collective sale market." 

While residents had previously explored the idea of conserving Pearl Bank Apartments due to its history and design, "recent sentiment has strongly shifted to redevelopment", he said.

"A deeper analysis of the building structure and the required enhancement work shows that conservation would be a costly undertaking and a huge burden for the owners. It is not a viable nor favourable option for the residents.

"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,” added Mr Poh.

The site is located near Outram Park MRT station, which is linked to the East-West Line and North-East Line. It will also be connected to the upcoming Thomson-East Coast Line, which will open in phases starting from 2019. 

Pearl Bank Apartments sits on elevated grounds with a land area of 7,653 sq m (approximately 82,376 sq ft).

While Pearl Bank Apartments has a gross plot ratio of 7.2 under the 2014 Master Plan, it has an existing gross plot ratio of 7.4479. Thus, the site has the potential to be redeveloped into a residential development with a total gross floor area of 56,998.8 sq m (approximately 613,530 sq ft).

The tender for Pearl Bank Apartments was launched on Nov 16, and closed on Dec 19 at 3pm. According to laws governing collective sales, the owners may enter into a private treaty contract with a buyer within 10 weeks from the close of the public tender.

Source: Straits Times


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