160 out of 200 units snapped up at One Pearl Bank launch
Majority of the units sold were 1-bedroom and 2-bedroom - starting from $1 million onward.
One Pearl Bank, located on the former site of Pearl Bank Apartments – one of the most iconic private residential buildings in Singapore’s history, has managed to offload 160 out of 200 units available for sale over its launch weekend.
Developed by CapitaLand, the sales figure translates to an 80 percent takeup rate from the 200 units released for sale and 20.7 percent out of the total 774 units in this 99-year leasehold development.
Units were sold at an average per square foot (psf) price of $2,400 and the most popular units types were the 1-bedroom and 2-bedroom units. They have accounted for approximately 87 percent of the total sales during its initial launch.
It was also noted that around 80 percent of the buyers of One Pearl Bank were Singaporeans, while the rest were foreigners from countries such as Malaysia, Indonesia, and China.
This brand new 39-storey private residential development is situated on Pearl’s Hill and occupies a site area of 82,376 square feet (sq ft). It is expected to complete its construction by the year 2023.
The prices at One Pearl Bank started from just $1 million a 431-sq ft studio apartment and it was highlighted that more than 66 percent of the units in the condominium are priced at less than $2 million.
CapitaLand said that the positive response received from homebuyers was encouraging and believes that the iconic status of One Pearl Bank will continue to draw more interest from prospective property buyers.
However, some analysts have shown disappointment in the sales results from the initial launch of One Pearl Bank due to its attractive pricing and furnishing package provided.
The sales of One Pearl Bank will likely set the tone for Avenue South Residence by UOL Group – the next mega residential project to be launched in the same district.