The Business Times today reported that Pearlbank Apartments, a 99-year leasehold development on Pearl’s Hill near Chinatown, has been launched for collective sale with a $750 million price tag.
This is the third time that the 37-storey development has been put up for en-bloc sale. The site was last marketed in 2008 with the same price tag, but there were no takers then.
The asking price translates to a land price of $1,495psf ppr, including an estimated charge of $167.2 million to top up the lease to 99 years. There is no development charge payable for the site.
Built in the 1970s, Pearlbank Apartments has a potential gross floor area of about 613,530sqft. The project currently comprises 280 residential apartments and eight commercial units.
The successful developer can build around 500 – 520 new homes on the site, assuming an average unit size of about 1,200sqft, said Nicholas Wong, head of investment at Knight Frank. Knight Frank is marketing the development.
The site has a land area of about 82,379sqft. Under the 2008 Master Plan, the land is zoned for residential use with a 7.2 plot ratio.
“With its elevation on Pearl’s Hill, the site offers fantastic day and night unblocked 360 degree views of the city skyline even for the lower level units. It is a hidden gem in the city, offering developers an opportunity to reshape the skyline,” Mr Wong said. The site is also next to the Outram MRT station, he added.
If the asking price is met, owner of the 280 apartments will walk away with between $1.8 million and $4.9 million per unit, while owners of the eight commercial units will get between $1.2 million and $6.9 million per unit.
The tender for the site will close at 3pm on May 25.
The wife and I will be keeping our eyes peeled for the tender outcome of this development. This is not only because Pealbank Apartments is supposedly one of Singapore’s architectural landmarks, but also the fact that there seems to be quite a few dissenting voices amongst existing owners concerning the en-bloc process...
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Isn't this really HIGH...:) I mean the price too. Well the project looks promising though.I wish i could get one but am busy concentrating on other investments these days.
ReplyDeleteThe 7 year attempt to en-block Pearlbank is now DEAD !
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