One Pearl Bank Review
CapitaLand New Launch
Former Pearl Bank Apartments En Bloc Site
Singapore’s Chinatown which is known for its vibrancy is all set to welcome the latest jewel in its already impressive crown.
The latest jewel is a pearl with CapitaLand’s One Pearl Bank expected to open to bookings in July this year.
The developer recently unveiled the design of the 39-storey twin-tower would have 774 units and once completed would be the most desired address in Chinatown.
The apartment sizes would range between 430 sq ft and 2,800 sq ft and is expected to be completed by 2023.
Once completed the 178-metre tower will have the bragging rights of being Outram-Chinatown district’s tallest residential development replacing the 156 metre Pinnacle @ Duxton.
The 99-year leasehold development will be nestled amidst greenery where more than 500 trees and 135,000 shrubs will be planted across 60,000 sq ft of space which is close to three-fourth of the total land area at the property.
Mr Ronald Tay CapitaLand’s CEO for Singapore, Malaysia and Indonesia said that the Pearl’s Hill City Park which has been underutilized so far would also be rejuvenated during the course of development.
One Pearl Bank Phase 1 Launch Result
Great Success 80% SOLD
160 out of 200 Units at One Pearl Bank Picked Up at Weekend Launch
CapitaLand’s new launch One Pearl Bank saw a good take-up on its first launch.
The realty giant was able to sell 160 units out of the 200 units in the 99-year leasehold condominium.
The average price that the units sold stood at S$2,400 psf. This is 80% of the units that the group released in the first lot and 20.7% of the total 774 apartment units that is available at this 39-storey new launch condo.
According to insiders, one-bedroom and two-bedroom apartments accounted for majority of the bookings during the launch.
While 56% of the sales were for the one-bedroom units, the two-bedroom units accounted for 31% sale.
Other types of units that were launched during the weekend included three-bedroom apartments and studio apartments.
Among the buyers 80% were Singaporeans while the rest were bought by foreigners mostly from Malaysia, Indonesia and China.
CapitaLand offered a 1% early-bird discount to the homebuyers who booked on the first two days of the launch.
The starting price for units at One Pearl Bank is a shade below the S$1 million mark which is for the studio apartments.
Majority of the units at this development (more than two-thirds) have been priced lower than S$2 million.
The development comprises of studio units all the way up to penthouses. There are four penthouses and the largest is sized 2,788 square feet.
Booking for this much awaited property started on Saturday after its sales gallery were opened for the public the weekend before.
CEO of CapitaLand, Mr Ronald Tay was very happy with the response during the launch. He attributed the success to the demand for quality apartments in District 3.
He said that most home buyers look for lifestyle options, transport and amenities while buying a property and One Pearl Bank fulfils on all these counts.
He further added that the iconic status of the property and the amenities that are on offer would serve as an incentive for the homebuyers.
This project has come up on the site of erstwhile Pearl Bank Apartments and is scheduled to complete in 2023.
One Pearl Bank Design – Embracing The New
One Pearl Bank Prime Location & Connectivity
3 MRT lines that Will Take You to All Important Parts of Singapore
Manasseh Meyer School
Cantonment Primary School
Chatsworth International School
River Valley Primary School
Outram Secondary School
Zhangde Primary School
Tons of Options, Tons of Choices for Shopping & Dining
Where to Shop, Where to Eat? Can’t Decide?
Welcome to Chinatown Singapore
The Vibrant Commercial District & Popular Destination for Shoppers and Diners
Pearl Bank En Bloc News
CapitaLand Limited had acquired this property known as Pearl Bank Apartments back then in February 2018. It had bought it for the reserve price of S$728 million in a private treaty.
The owners of apartments whose unit sizes ranged between 1,323 sq ft and 3,993 sq ft had pocked S$1.8 million to S$4.9 million each in the collective sale.
The S$1,515 psf ppr was considered a good deal for the sellers given that it had only about 43 years remaining on its lease balance. The developers had to pay S$201.4 million as lease top-up premium for fresh 99-year lease tenure.
Back then the Chairman of the Collective Sale Committee Mr Alex Poh had stated this development to be a major setback which might have dented its prospects of inviting bids more than the reserve price.
Colliers International has been the marketing agent for this sale and had started the sale price to be good one for the owners.
Interestingly many owners had even contemplated saving the heritage property and restoring it but the enhanced cost of restoration had driven them towards selling it en bloc.