Pearl bank apartment enbloc was sold at S$728m to CapitaLand. The stunning landmark is to be demolished for redevelopment into sophisticated residential apartments with around 800 units comprising of shared amenities and facilities. Pearl bank apartment enbloc, situated beside the Outram park, MRT station was sold at a collective sale and redeveloped into One Pearl Bank. Capital land quoted and said that the asset fitted the owners’ price order, which was performed via a deal for the entire sale. With extra premium lease-top-up rated at S$201.4 million, the property converts to a price of land of S$1,515 per square ft for a gross floor area.
One Pearl Bank Prices
Due to various property conditions, CapitaLand needs to redevelop the asset and improve it for One Pearl Bank. Following the end of its tender on December 19, 2017, led to the sale of this collective sale holding 37 storey buildings. This complex building holds 288 units in total. While 8 of them are commercial units, 280 are apartment units for dwellings. In addition to that, the asset holds a 99 old leasehold tenancy resulting from June 1970. The range size of the apartment is 123 sqm to 371 sqm. The apartment owners will receive an amount of S$1.8 million and S$4.9 million.
Pearl Bank Apartment Enbloc Prices
Yet the commercial units size range is from 65 sqm to 523 sqm. The commercial owners will stand to receive an amount between S$1.2million and S$46.9 million. The location of this complex property is put through a pre-application feasibility study which was made public by the urban redevelopment authority on Nov 13, 2017.
The chairman of the pearl bank apartments of the collective sale, Mr Alex poh quoted and said that the implementation of the feasibility study would have an impact to the interested parties of the collective sales as they needed quality time to asses the property. He added to say that they are pleased that irrespective of all those challenges, the Colliers made ends meet in securing a deal with a private agreement.
One Pearl Bank Bid Prices
This was as a result of their extensive network of their investors as well as skilled on the real estate field. In the middle of red-hot collective sale property, this is very lucky and good to the owners. Although the residents had planned to conserve and preserve the pearl bank apartments due to its amazing design and history, redevelopment was on the way. An analysis performed to the building structure shows that the conservation was expensive to the owners as well as a big burden. As a result, conservation would not be workable to residents.