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 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.