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One Pearl Bank sales gallery to open for public viewing from 13 July
SINGAPORE — The One Pearl Bank sales gallery will be open for public viewing from Saturday (13 July), CapitaLand said.
Located atop Pearl’s Hill and slated to complete in 2023, it will be the tallest residential development in the Outram district at 178 metres above sea-level, the property developer said on Thursday (11 July).
The development comprises two curving 39-storey towers with a total of 774 units and a four-storey basement car park. The units range from studio apartments to penthouses, and start from 431 square feet for a studio to 2,788 square feet for one of the four penthouses.
Apart from the penthouses, the project comprises studio apartment, 1-bedroom, and 2-bedroom units and these will be priced below $2 million, said Lisa Lam, head of marketing and sales for CapitaLand Singapore, Malaysia and Indonesia. The price for a studio apartment will start from under $1 million.
Sales of private homes by developers in Singapore jumped 29.5 per cent in May from the previous month as several new projects were launched, according to data released by the Urban Redevelopment Authority on 17 June.
On a year-on-year basis, sales of new private homes fell 15.2 per cent in May.
CapitaLand acquired the iconic Pearl Bank Apartments via a private treaty en bloc sale in February 2018 for $728 million. The sale price, with an additional lease top-up premium estimated at $201.4 million payable to the state to top up the lease to a fresh 99 years, translates to a land price of about $1,515 per square foot per gross floor area.
The developer spent three months digitally documenting the building for public archives.
The project is expected to launch for sale next week after the public preview, Lam said.
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