Pearlbank Apartments en bloc sale crosses 80% mark

The owners set an asking price of $728m.

The signing of the collective sale of the Pearlbank Apartments crossed the 80% mark, marketing agent Colliers International said.

According to a press release, the owners set an asking price of $728m or $1,505 psf ppr, after factoring in an upgrading premium of approximately $195m for the lease top-up.

Pearlbank Apartments is located on elevated grounds amidst Pearl’s Hill City Park and is located next to the Outram Park MRT Interchange and the Central Expressway (CTE).

The building comprises 37 storeys with a total of 288 units, with 280 apartments and eight commercial units, and sits on a land area of 7,653 sqm.

The development has a 99-year leasehold tenure with effect from June 1970.

The site can be redeveloped into a residential development with a total Gross Floor Area (GFA) of 56,998.8 sqm, comprising 730 new residential units with an average size of 800 sqft.

The apartment owners can receive gross prices between $1.8m and $4.9m.

The tender for Pearlbank Apartments is expected to launch in two weeks’ time and to close before the end of the year.