Two prime developments to be launched for en bloc sale

Reserve price for Pearlbank Apartments and Parkway Mansion hit $728m and $138m, respectively.

Two prime development sites, Pearlbank Apartments and Parkway Mansion, will be separately launched for en bloc sale on November 16.

According to Colliers International, the owners of Pearlbank Apartments in 1 Pearl Bank Road set a reserve price of $728m or $1,505 psf ppr.

It has a land area of around 82,376 sqft. The 37-storey building has a total of 288 units, composed of 280 apartments and eight commercial units, with a 99-year leasehold tenure.

It is near the Outram Park MRT Interchange and the Central Expressway (CTE).

The tender for the property will close on 19 December 2017 at 3 p.m.

Meanwhile, Parkway Mansion in 9 Amber Road has been priced $138m, excluding the $21m estimated development charge. The combined prices could translate to a land rate of $1,454 psf ppr.

This is the owners' third attempt at a collective sale.

The 32-unit freehold development looks set to undergo an urban renewal with a spate of collective sales in recent months, including The Albracca and Nanak Mansions in Meyer Road as well as Amber Park. Apartment sizes at the 17-storey development range from 1,819-1,948 sqft.

The tender for the property will close on 13 December 2017 at 3 p.m.