While there were failures during the past ten years, Pearl Bank Apartments collective sale was completed at last.
The completion of the said collective sale took place sometime in November 1 which was also highlighted by a big celebration on November 5, according to Colliers International.
The building looks like the shape of a horseshoe, making it as an iconic edifice in the Outram area.
This building, through a private treaty, was purchased by CapitaLand sometime in February 2018 for S$728 million.
This followed the en bloc closure on the 19th of December, 2017. STB issued a sale order which was eventually materialized in August.
Mr Tang Wei Leng, the managing director of Colliers International stressed that the company worked incessantly with property owners despite varying challenges that they met along their way.
One of these challenges that they encountered includes the Pre-Application Feasibility Study in relation to traffic effects for residential development projects.
Another challenge is the management of prices and expectations amidst too many uncertainties on the market.
The managing director of Colliers International also said that they were quite grateful and overwhelmed for being capable of overcoming the many obstacles and challenges, allowing them to provide exceptional outputs for property owners.
The Pearl Bank Apartments building is composed of 288 units (280 apartment units and 8 units for commercial purposes) and is a 37-storey building with a total area of 7,653 square meters.
The best part is that it is close to the famous Chinatown and Singapore’s CBD.
According to Pearl Bank Apartments’ chairman Cecilia Seet, with the strategic location of the apartment, property owners who rent out their units can easily and quickly get tenants in just a short period of time.
With the redevelopment of the building, more and more people will be encouraged and persuaded to get one or more unit as their own.
Jennifer Lam, one of the residents of Pearl Bank Apartments said that the building’s collective sale completion is so timely because it is already too old with so many maintenance issues to look upon.
She added that leaving the premise of the building makes her feel sad as there are so many memories that were made there. She will also miss its surrounding greenery plus the busy Chinatown.
Mrs Lam also added that finding an abode as good as Pearl Bank Apartments can be very difficult but when the developers are done with the redevelopment of the said building, it is expected that more people would love to get a brand-new apartment unit from them.