Almost everyone will know this iconic Chinatown condominium by sight. It’s unique architecture and towering presence has been part of Singapore’s and Singaporeans’ lives since the 1980s.
Pearl bank apartments sold to CapitaLand for $728 million
The Pearl bank apartments have been sold to CapitaLand for $728 million on its fourth try. While the homeowners may be glad for the $1.8 million to $4.9 million they will receive from the collective sale, some are lamenting the loss of an icon.
The building’s architect, Mr Tan Cheng Siong, and other experts in the field are hoping that the developer will retain the unique C-shape structure. Pearl bank apartments started from humble beginnings, built in 1976 to provide homes to the middle class and to rejuvenate the city centre.
A CapitaLand spokesman has said that the company will leverage on their experiences from previous successful redevelopments of similar Singaporean-centric sites such as Clarke Quay and RiverGate at Robertson Quay.
Prime location near Outram MRT station and CBD
The site on which Pearl Bank Apartments sit is prime indeed. The Outram Park MRT station is literally at its doorstep, with Chinatown on its back, and the Central Business District and the hip Tiong Bahru enclave a few bus stops away. Healthcare group SingHealth also has plans to redevelop the Outram precinct into a wellness and research hub.
Currently, the apartment holds 288 units. Subject to approval, the site can potentially hold 800 residential units.
The 82,376 sq ft site also holds 8 commercial units. Owners of these units will receive between $1.2 million to $6.9 million each.
The land will be completely acquired by July or August this year. Eager buyers can look forward to a new launch in the first half of 2019.