One Pearl Bank condo draws 4,000 during weekend preview

People at the preview of One Pearl Bank which is being developed on the site of the former iconic Pearl Bank Apartments. The new development will have 774 apartments, ranging from 430 sq ft studio units to 2,800 sq ft penthouses.
Dated: 15-Jul-2019

SINGAPORE - Over 4, 000 people showed up at the One Pearl Bank public preview over the weekend of July 13 and 14, property developer CapitaLand said on Monday.

One Pearl Bank is a 99-year leasehold condominium with 39 storeys, occupying a land area of 82, 376 sq ft, and it is expected to be completed by 2023.

It is being developed on the site of the former iconic Pearl Bank Apartments, which CapitaLand bought for $728 million in a private treaty collective sale last year.

The new development will have 774 residential apartments, ranging from studio units to penthouses of between 430 sq ft and 2, 800 sq ft.

Bookings for the condo will open on July 20, with prices starting at $970, 000 for studio units. More than two-thirds of the 774 units are priced below $2 million each. CapitaLand declined to comment on the average price per sq ft when contacted by The Business Times.

Mr Ronald Tay, chief executive of CapitaLand Singapore, Malaysia and Indonesia, residential and retail, said: "We are very encouraged by the enthusiastic turnout of prospective home buyers at the One Pearl Bank sales gallery. This reflects the strong appeal of One Pearl Bank's strategic location in the heart of central Singapore, iconic design and wholesome lifestyle offerings."

The sale price translates to a land price of about $1, 515 per sq ft per plot ratio, after factoring in an additional lease top-up premium estimated at $201.4 million.

Source: Straits Times