PROJECT DETAILS
Two sites at Outram Road, were sold for New and Upcoming Condo developments in 2018, through collective sales.
They are namely,- Landmark Tower and
- PearlBank Apartments
New Launch- One Pearl Bank
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 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.
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 charge payable.
New Launch- One Pearl Bank
The 139-unit Landmark Tower at Chin Swee Road was sold at $286 million. 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.
New Condo at Outram Road- 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 New Condo at Pearl Bank Apartments will find it a breeze to commute with these complete train services.
With its convenient location in the Central Region, future residents of New Condo in Outram Road 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 New Condo in Outram Park 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 Condo at Outram Road- Amenities
There are more than 10 shopping malls nearby New Condo at Outram Road. 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 New Condo at Outram Road'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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Heart of New Central
Financial District
Marina One Residences
Financial District
Marina One Residences
Heart of Tanjong Pagar
Financial District
Wallich Residence with
181 Limited Collection
Super Penthouse at 21,108sqft
Financial District
Wallich Residence with
181 Limited Collection
Super Penthouse at 21,108sqft
Other Developments in
Core Central Region
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 |
| GFA: | |
| Plot Ratio | 7.45 |
| Expected TOP Date: | |
| Total Units | Approximately 800 residential apartments |
| Total Carpark | |
| Development | Condo comprising of communal facilities |
| Unit Type: | |
| Architect | |
| Eligibility | SC/ SC, SC/SPR and Foreigner can buy |
| Project | Outram New Condo at the former site of Landmark Tower |
| Developer | |
| Location | Chin Swee Road |
| District | 02 |
| Tenure | 99 years leasehold |
| Site Area | |
| GFA: | |
| Plot Ratio | 7.45 |
| Expected TOP: | |
| Total Units | Approximately residential apartments |
| Total Carpark | |
| Development | Condo comprising of communal facilities |
| Unit Type: | |
| Architect | |
| Eligibility | SC, SPR and Foreigner can buy |
FACILITIES SITE PLAN and FLOOR PLANS E-BROCHURE
The Facilities and Site plan of new condo launch at the former site of Pearl Bank, along Outram Road are currently seeking approval from relevant authorities.
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LANDMARK TOWER SOLD EN BLOC
1) 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.
PEARL BANK APARTMENTS SITE SOLD THROUGH ENBLOC SALES FOR UPCOMING CONDOMINIUM
2) SINGAPORE: Pearl Bank Apartments has been sold for S$728 million to CapitaLand through a private treaty collective sale, marketing agent Colliers International announced in a news release on Tuesday (Feb 13).
The sale of the iconic horseshoe-shaped building at Outram comes after the close of its collective sale tender on Dec 19 last year - its fourth attempt at a collective sale.
The collective sale tender attracted keen interest from developers, Colliers International said, adding however that they flagged concerns which included uncertainties arising from the Pre-Application Feasibility Study (PAFS) on traffic impact which will affect the number of units that can be built on the site.
The collective sale committee then instructed Colliers International to enter into private treaty negotiations with interested parties who needed more time to assess the impact of PAFS.
According to collective sales rules, the owners may enter into a private treaty contract with a buyer within 10 weeks from the close of the public tender. It was during this period, Colliers said, that it managed to seal the deal for Pearl Bank Apartments, selling it to CapitaLand.
The sale price - which met the owners' reserve price - translates to a land cost of about S$1,515 per square foot per plot ratio, said Colliers International.
This is after factoring in an upgrading premium of approximately S$201 million for the lease top-up. There is no development charge payable.
The 37-storey development comprises 288 units (280 apartments and eight commercial units) and has a 99-year leasehold tenure with effect from June 1970
Apartment owners whose unit sizes range from 123 sq m to 371 sq m stand to receive between S$1.8 million and S$4.9 million.
Owners of commercial units with sizes ranging from 65 sq m to 523 sq m will potentially receive between S$1.2 million and S$6.9 million.
PLANS FOR HIGH-RISE RESIDENTIAL DEVELOPMENT
In a news release, CapitaLand said it plans to redevelop the site into a high-rise residential development comprising about 800 units with a host of "social, shared facilities which will foster community spirit and celebrate the area's unique heritage".
“Our upcoming residential development offers a rare opportunity for young urbanites to own a home in a mature estate brimming with local culture and heritage," said Mr Ronald Tay, CapitaLand Singapore's chief executive officer.
"Targeted for completion by early 2023, right after the opening of the third MRT line in Outram, the Thomson-East Coast line, the commute from the development to Shenton Way, Marina Bay and Orchard will be even more convenient for residents," he added.
Dr Lee Nai Jia, senior director, Southeast Asia Research head, Edmund Tie & Company, said that the new development at the site could potentially attract buyers willing to pay "top buck".
“The area has a very strong cultural identity. It will attract of a new group of buyers, which we’ve been seeing entering the market. This group of buyers are younger, they can be foreigners or locals, in their early 30s, professional and highly paid," Dr Lee said.
"They usually like places that are near the CBD that have a strong cultural identity, that have many cafes. They want to live that kind of lifestyle. So I can see that site has the potential be redeveloped into something that can attract this group of buyers who are willing to pay top buck,” he added.
RULE CHANGES
The site is subject to the Pre-Application Feasibility Study (PAFS) announced by the Urban Redevelopment Authority last November, which the chairperson of the building's collective sale committee said was a "setback".
“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," said Mr Alex Poh, chairman of the Pearl Bank Apartments collective sale committee.
The new rules require potential buyers, developers and real estate agencies submitting outline or development applications for en bloc proposals to seek approval from the Land Transport Authority (LTA) and conduct a PAFS.
They require applicants to assess traffic impact of the redevelopment on the area and propose car-lite measures or initiatives, traffic demand management measures, and feasible transport improvement plans.
The Urban Redevelopment Authority will only be able to support the proposed number of dwelling units in the applications after LTA approves the PAFS.
“There’s been some concern in the market that this requirement of PAFS - or in layman’s terms, the traffic impact study - may adversely affect an en bloc sale. But we must bear in mind that ... the amount of gross plot ratio or GFA allocated will remain the same," said Mr Nicholas Mak, executive director of ZACD Group.
"The only difference is whether or not the traffic impact study will require the developer to build a fewer number of apartments, which means the size of each apartment will be larger. Some developers may actually not want to build many shoebox units out of a particular land parcel ... We have also seen that in some prime districts in Singapore, larger apartments can command a higher price on a per square foot basis," he added.
CONSERVE VS REDEVELOP
Mr Poh, the chairman of Pearl Bank's collective sale committee, said that although residents had previously explored the idea to conserve the apartments due to it history and design, "recent sentiment has strongly shifted to redevelopment".
"A deeper analysis of the building structure and the required enhancement work show that conservation would be a costly undertaking and a huge burden for the owners," he said. "It is not a viable nor favourable option for the residents.
Source: ChannelNewsAsia
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