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Pearl Bank residents look to conservation

PropertyGuru

After failing to go en bloc three times, the owners of Pearl Bank Apartments (pictured) plan to get a conservation order to attract a developer to rejuvenate the property, media reports said.

The management committee plans to ask the Urban Redevelopment Authority (URA) to increase the 38-year-old building's gross floor area (GFA), which has been maximised at 55,102 sqm, or a plot ratio of 7.2.

The move will enable the building's owners to transform an area occupied by a five-storey carpark into a 27-storey residential block of about 15,000 sqm. The new block will feature a swimming pool, rooftop garden and a bridge that will connect it to a common space on the 28th floor of the existing block.

Moreover, the owners plan to ask the Singapore Land Authority for an extension of the 99-year lease.

"Once our gross floor area is increased, we're going to raise capital by selling this extra development quantum to external developers," said Tan Cheng Siong, designer of the original block who has drawn up plans for the new development.

"We can then use this money to pay for the upgrading and lease extension. Our goal is that existing residents will not have to pay extra."

However, securing a conservation order is not easy.

A URA spokesman noted that this is the first time a multi-strata private development has sought a conservation order.

To secure an order, a building must possess social and historical significance as well as architectural significance and rarity. It must also contribute to the environment.

Should the order be given, the owners will work with URA to restore the block's original facade and design.

With the lease extension and upgrade, the owners hope the value of their apartments will rise up to $1,800 psf.

Image source: patokallio.name

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg

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