One Pearl Bank
Sitting on the site of the former iconic Pearl Bank Apartment, the new condo at Outram Park will house 774 units in total and will be completed by 2023.
Being once the tallest private residential building in Singapore, Pearl Bank Apartment (constructed back in 1976) was probably one of the most talked-about en bloc sales back in 2018.
Despite years of effort to conserve the iconic residential project which is shaped like a horseshoe, the site near Outram Park MRT station was eventually sold to real estate developer, CapitaLand for $728 million.
As it looks set to make way for the new One Pearl Bank condominium, the sales gallery was packed with more than 4,000 visitors during its first preview weekend.
Looking at the architecture, it does seem like CapitaLand is keen to preserve that iconic horseshoe look that the former Pearl Bank Apartment had.
Homebuyers and property investors who are big fans of location and iconic architecture would be certainly keen to add this piece of ‘art’ into their property portfolio.
With some of the recent nearby launches, such as Rivière and Sky Everton creating so much buzz around the area, many property buyers will be wondering if One Pearl Bank condo is a good buy, and how it lines up against its ‘competitors’?
Let’s get into the details and the review for this new launch at Outram.
Before we go into the details of One Pearl Bank, here’s a quick overview of the project information – which includes the condo’s specifications.
|Project Name:||One Pearl Bank|
|Architect:||Serie Architects and Multiply Architects|
|Address:||1 Pearl Bank, Singapore 169016|
|Site Area:||82,376 square feet|
|No. of Blocks:||2|
|No. of Levels||39|
|Car Parking Lots:||620 (excluding 5 handicapped lots)|
|Expected TOP Date:||End December 2023|
The developer of One Pearl Bank is none other than CapitaLand – one of the largest real estate groups in Asia with a wide range of businesses under its belt.
Listed and based in Singapore, CapitaLand manages and owns a portfolio of assets that worth more than $123 billion by the end of June 2019.
Its portfolio spans various real estate segments. It includes retail, commercial, industrial, and logistics in over 200 cities and 30 countries.
The group’s main focus is mainly on the Singapore and China markets.
In the meantime, it continues its expansion plans into other markets such as Vietnam, India, Australia, the United States, and Europe.
Some of CapitaLand’s most iconic residential projects in recent years with astounding architectural designs include the likes of D’Leedon, The Interlace, and Sky Habitat.
After One Pearl Bank, CapitaLand will be focusing on Sengkang Grand Residences.
It is the group’s next mega-project next to Buangkok MRT station, and Canninghill Piers next to Clarke Quay.
One Pearl Bank Location
The location of the One Pearl Bank condominium is probably the main highlight of this new launch at Outram Park.
It is located in District 3 of Singapore and has a unique address of 1 Pearl Bank, Singapore 169016 – you can see how this new condo got its name.
As you can see from the map above, One Pearl Bank is the one and only condominium project nestled next to Pearl’s Hill city park.
Hence, it offers the exclusivity and privacy that most home buyers and investors would prefer.
After all, it is a private residential property.
Here are some of the key location attributes that One Pearl Bank presents.
Right next to Outram Park MRT station
Being situated next to Outram Park MRT station is definitely the top draw for prospects who are considering One Pearl Bank.
The condominium is just a mere 5 minutes walk away from the MRT station.
In fact, the Outram Park MRT station isn’t really just a normal train station.
It is currently an interchange station between the East-West MRT line and the North-East MRT line.
Thus, commuters who are living at One Pearl Bank will find it extremely convenient for them to get around to various regions in Singapore.
By 2021, the new Thomson-East Coast MRT line will be intersecting at Outram Park MRT station via the northern and eastern regions of Singapore.
It will offer commuters a direct route to the southern core central.
Some of these locations include Shenton Way, Marina Bay, and even Gardens by the Bay.
Within close proximity to CBD and Marina Bay
At One Pearl Bank, you are practically living within the Central Area of Singapore.
In the Central Area, it comprises various planning areas such as Orchard, the Downtown Core, Marina Bay, etc.
And if you look at the location of One Pearl Bank, you are situated literally just next to Singapore’s financial heartbeat – the Central Business District (CBD) and the Marina Bay financial district.
For instance, traveling from One Pearl Bank to Raffles Place will only take you around 12 minutes and 17 minutes to reach the Marina Bay Financial Center (MBFC).
These are some of the places where 8 out of 10 people in Singapore will commute day in, day out.
If that’s you, then living at this new launch condo at Outram will complement your daily activities perfectly.
If given a choice, many home buyers and investors would love to own a property that is located near the city center.
This is a worldwide phenomenon experienced in almost every single developed country.
Let’s put it this way.
If property price levels are exactly the same for a property in the city center and a property in the suburbs, which would you choose?
We all know that’s not going to happen.
That’s why owning a property in the city center shall always be a dream to many, but a reality to a few.
Wide range of amenities nearby
One of the perks of living at One Pearl Bank would be the number of amenities that you can find within the area.
The fact that this condominium is located next to Chinatown, one of the most popular hangout spots for locals and foreigners.
You’ll be able to find various restaurants serving up traditional fares such as chicken rice, noodle dishes, stay, and other delicacies.
To get a quick drink and hang out with your friends, you can always make a trip to the nearby Club Street.
That is where you can find a wide range of trendy lounges and wine bars.
In addition, you will also find various souvenir shops in the area, selling clothes, antiques, and crafts.
And if you are into cultural stuff, you can also take a stroll past the Sri Mariamman Temple which was built back in 1827.
Another one would be the highly-decorated Buddha Tooth Relic Temple & Museum. It was designed based on the architectural style used back in the ancient Tang dynasty.
If you need to get your daily groceries and necessities, the supermarket (FairPrice) that is closest to One Pearl Bank is located at Chinatown Point
It is just an 11 minutes walk away.
Schools near One Pearl Bank
For primary schools which are within a 1-km radius of One Pearl Bank, the only school that’s available is Cantonment Primary School.
There are actually still plenty of renowned primary schools within the 2-km radius.
They are namely River Valley Primary School, Zhangde Primary School, CHIJ (Kellock), and Radin Mas Primary school.
As for international schools, the ones that are closest to One Pearl Bank will be 5 Steps Academy (located at Everton Park) and Chatsworth International School (Orchard Campus).
Facilities and Design
Situated right at the top of Pearl’s Hill, the 178-meter tall One Pearl Bank condominium will be the tallest private residential development within the Outram-Chinatown precinct.
Thus, it is able to offer unparallel views from the CBD all the way to Sentosa.
The architecture of One Pearl Bank is ingeniously crafted by the London-based architect firm, Serie Architects, together with local-based Multiply Architects.
The iconic of this new condo at Outram Park comprises of 2 residential towers in total (39-storeys tall) and are connected via sky bridges at the roof of each tower.
It was mentioned that the slender and curved appearance of the condominium creates an airy and light effect.
In addition, it provides sufficient space through the residential blocks for all residents and bypassers to have a good view of the surroundings.
For One Pearl Bank, CapitaLand has intended to emphasize strongly on the building of a community within the new project.
Hence, it will focus on providing more communal facilities which are unique to the condo itself.
Some of them include the incorporation of a communal kitchen on the top floor of One Pearl Bank and set aside allotment plots for gardening purposes on every 4 levels of the condo.
This will allow residents to grow their own agricultural and natural products.
Other than the conventional communal facilities within One Pearl Bank, such as a swimming pool and a sky function room, and a gym.
There are sky terraces on levels 14 and 18 which will also house a couple of outdoor lounges and an amphitheater for your social gatherings.
One Pearl Bank Floor Plans and Unit Types
One Pearl Bank comprises 774 residential units in total across two 39-storey blocks.
The unit types range from studio apartments (431 sqft) to penthouses (up to 2,788 sqft). The development will receive its TOP by end of December 2023.
As part of One Pearl Bank’s concept of ‘renovation-zero’, all of its residential units will be in ready move-in conditions.
It comprises fully-integrated kitchens, curtains, air-conditioning, cabinets, and a partial lighting setup.
In addition, each unit will come with a smart mirror being built-in, which will also act as a display for managing visitors into the private compound.
This is definitely a revolutionary innovation to replace the conventional intercom systems that most condominiums in Singapore are using.
Here is the One Pearl Bank floor plan for each individual unit type available for sale.
- Studio (431 sqft)
- 1-Bedroom (527 to 570 sqft)
- 2-Bedroom (700 to 893 sqft)
- 3-Bedroom (1098 to 1281 sqft)
- 4-Bedroom (1399 to 1432 sqft)
- Penthouses (2626 to 2788 sqft)
One Pearl Bank Price Guide
The following One Pearl Bank price guide was quoted based on the initial launch by CapitaLand.
The entry price for a studio apartment at One Pearl Bank will start from $970,000 (or $2,251 psf) – as on 17 July 2019.
|Unit Type||Size||Indicative Pricing||PSF Price|
|1-Bedroom||527 – 570 sqft||$1.1 million||$2,087|
|2-Bedroom||700 – 893 sqft||$1.5 million||$2,143|
|3-Bedroom||1,098 – 1,281 sqft||$2.5 million||$2,277|
|4-Bedroom||1,399 – 1,432 sqft||$3.5 million||$2,502|
|Penthouses||2,626 – 2,788 sqft||T.B.A||–|
Do note that the One Pearl Bank price shown above is subjected to future changes and discounts (if any).
So, do drop us a note using the form below or contact me via WhatsApp for subsequent updates.
One Pearl Bank Showflat Location
The One Pearl Bank showflat is located just right next to the actual site of the development.
It is the former site of the Pearl Bank Apartments.
The One Pearl Bank showflat is currently open for public viewing.
However, an appointment has to be scheduled in advance.
Hence, do contact us via Whatsapp for an appointment in order to avoid making a wasted trip to the showflat.
One Pearl Bank Review
The much-awaited One Pearl Bank was officially launched for sale on 20 July 2019.
Honestly, the sales result was somewhat an exemplar of an ‘unsustainable hype’.
It’s hard to imagine that a new launch project which drew more than 4,000 visitors over its preview only managed to sell 160 units during the first 2 days of launch.
Solely based on its location, it’s probably one of the best that you can find in 2019.
It’s situated within the core central region of Singapore, close to the CBD and an MRT station – seriously what more can a home buyer or investor ask for?
In terms of price, I would say it’s fair if you were to compare it with some of the surrounding projects that are still selling.
Here’s a quick overview of the nearby projects based on transactions recorded in the last 6 months.
|Project Name||Tenure||Average PSF($)|
|The Crest||99-year leasehold||$1,965|
|One Pearl Bank||99-year leasehold||$2,400|
So does that mean that the One Pearl Bank condominium is a good buy?
If you are only looking at the above attributes – location and price, honestly, there isn’t really much that you can complain about.
It certainly looks like a good property to pick up in today’s market.
However, I do have some personal concerns for One Pearl Bank and probably most of the prospective buyers who have visited the sales gallery see the same as well.
The odd-shaped layouts
This is something which we can’t really fault the developer for.
In order to achieve such an architectural design for One Pearl Bank, the layout of the units within the condominium project will definitely be somewhat of irregular shape.
If you’ve been in the property market for a while, you will know most of the apartment units within other projects in Singapore such as Reflections at Keppel Bay, Interlace, D’Leedon or even The Crest have odd-shaped or irregular layouts.
These projects have impressive architecture.
But the unit layouts just aren’t as efficient and some just look really weird as soon as you step through the front door.
Future development within the area
Depending on how you see it, this can be either a good or bad thing for you.
If you were to look at the latest URA Master Plan, you will be able to see that there are more residential developments coming right next to One Pearl Bank.
All these future developments will definitely benefit homebuyers or investors who acquire a unit at One Pearl Bank today, in terms of capital gain.
However, residents or tenants may have to bear with the surrounding construction.
Hence, there may be some level of inconvenience when the neighboring sites are sold.
A greater impact will certainly be felt by investors who are renting out their units at One Pearl Bank in the future.
Buying a unit at One Pearl Bank condo is more like buying a piece of art.
Personally, if you want to buy a property just to be near the MRT, you have plenty of choices out there at this point in time.
But if you can look past some of the negatives, this development does present itself as a value proposition to home buyers and even investors.
Just looking at the price and the locality which this new launch at Outram is at, there isn’t really much to complain about (except for some unit types).
I’ll suggest you take a look-see approach for One Pearl Bank while you wait for other launches in the core central region is being released.
Who knows you may find other projects which may be more appealing than One Pearl Bank.