The iconic horseshoe-shaped residential development at Outram, Pearl Bank Apartments have been sold to property developer CapitaLand for a whopping $728 million (or $1,515 psf ppr) via collective sale.
The new condominium project will be known as One Pearl Bank.
An additional premium for refreshing the lease of the site has been included in the final sale price – which works out to be around $201 million.
The Pearl Bank Apartments en bloc could possibly be a significant catalyst in boosting sales for Wallich Residence by GuocoLand – the latest completed high-end residential development close to the Outram precinct, or even Highline Residences by Keppel Land – which is located in the same district.
The 37-storey Pearl Bank Apartments consist of 280 residential apartments (with sizes ranging from 123 to 371 square metres) and 8 commercial units (size ranging from 65 to 523 square metres) in total, and has a remaining lease of 51 years.
The Pearl Bank Apartments en bloc will see each resident receive an estimated sales proceed in the range between $1.8 million – $4.9 million and $1.2 million – $6.9 million for commercial unit owners.
CapitaLand mentioned that the firm plans to redevelop the Outram site into a brand new high-rise private residential development with around 800 homes and is expected to complete by the 1st half of 2023.
Property consultants have noted that the future new launch at Outram, set to launch in 2019 could potentially draw strong interest from affluent property buyers who are willing to pay top dollar for a property being this close to the Central Business District (CBD) and has a rich cultural identity – situated within close proximity to Outram MRT Station.
According to reports, the Pearl Bank Apartments site is subjected to the latest Pre-Application Feasibility Study (also known as PAFS) announced by URA in November 2017.
CapitaLand will be required to conduct a PAFS and submit an outline or development plans for the en bloc proposals, in order to attain approval from LTA (Land Transport Authority).
With the implementation, the developer will need to assess the impact on traffic for the redevelopment and propose initiative or measures to reduce the usage of motor vehicles, management of traffic demand and improvement plans for feasible transport.