One Pearl Bank @ Outram 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.

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. 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.

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”.

One Pearl Bank, the new development comprises two curved 39-storey towers linked at the roof by sky bridges, CapitaLand said on Tuesday (May 14) in its news release. The building will also feature a vertical sky allotment garden for urban farming.

One Pearl Bank situated atop Pearl’s Hill, the 178m tower will be the tallest residential development in the Outram-Chinatown district offering views extending from the Central Business District to Sentosa.

Designed by Serie+Multiply, a joint venture between London-based Serie Architects and Singapore-based Multiply Architects, One Pearl Bank will have a total of 774 apartments, including studio apartments and penthouses. The size of each unit will range from about 430 sq ft to 2,800 sq ft.

The two sky terraces and two roof gardens across the towers will have amenities such as an indoor and outdoor gymnasium, a walking track and an alfresco dining area, CapitaLand said.

One Pearl Bank will have a total of 18 sky allotment gardens with close to 200 plots where residents can grow their own herbs, fruits and vegetables, CapitaLand said. Each tower will feature an allotment garden on every four storeys, with 11 plots for each garden.

Things you might want to know more about One Pearl Bank @ Outram District 3

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