One Pearl Bank launched 200 out of its 774 residential units last weekend to overwhelming response with 80% of the 200 units sold within one weekend.
160 units sold out of 200 units launched
The 39-storey One Pearl Bank sits on Pearl’s Hill where the iconic former Pearl Bank Apartments stood. The new development has a land area of 82,376 sq ft and is expected to be completed by 2023, a date not too far away. The site was acquired by CapitaLand for $728 million earlier this year.
The average selling price of the units launched last weekend was $2,400 psf. While the units sold were a mix of studio, one-, two- and three-bedroom apartments, the most popular were the one- and two-bedders.
Prices of the units started just under $1 million for a studio unit with more than 60% priced under $2 million.
One Pearl Bank one of the best-selling new launches in the Central Area this year
The project’s prime location and connection with local social and architecture history make for a promising acquisition. Thus is it not surprising that 8 out of 10 buyers were locals. Analysts are positive about the response from the public as the project was priced towards a high-end product but yet sold well.
The developer, CapitaLand, says the response is encouraging as it “points to the continued market demand for well-appointed homes” in a prime district.
The new One Pearl Bank apartments in District 3 is just a 3-minute walk via sheltered linkway from the Outram MRT station which will serve the East-West Line, North-East Line and upcoming Thomson-East Coast Line. The Central Expressway (CTE) and Ayer Rajah Expressway (AYE) are also nearby.