Pearlbank Apartments up for sale again

Pearlbank Apartments, a 37-storey development on Pearl’s Hill near Chinatown, has been offered for en bloc sale with an indicative price of S$750 million.

This is the third time the 99-year leasehold development has been launched for en bloc sale. It was last marketed in 2008 at similar selling price but had no takers then.

The selling price translates to a land price of S$1,495 psf ppr, including an estimated charge of S$167.2 million to top up the lease to 99 years.

Developed in the 1970s, Pearlbank Apartments has a potential gross floor area (GFA) of approximately 613,530 sq ft. The project currently includes 280 residential apartments and eight commercial units.

The successful developer can construct around 500 to 520 new homes on the site, assuming an average unit size of approximately 1,200 sq ft, according to Nicholas Wong, Head of Investment at Knight Frank.

Located next to the Outram Park MRT station, the site has a land area of approximately 82,379 sq ft and is zoned for housing 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 tender for the site will close on 25 May.

Source : PropertyGuru – 12 Apr 2011

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