Pearlbank Apartments, a prime residential redevelopment site, has been launched for en bloc sale with a revised price of S$725 million, lower than its previous S$750 million price tag.
Sole marketing agent Knight Frank said the indicative price for the property includes a lease top-up of approximately S$161.7 million, based on the potential gross floor area (GFA) of 62,699 sq m with 10 percent bonus GFA and no development charge (DC) payable.
Located on Pearl’s Hill, Pearlbank Apartments is a 37-storey, 99-year leasehold development built in the 1970s. It comprises 280 residential apartments with unit sizes ranging from 123 sq m to 371 sq m, as well as eight commercial units of sizes ranging from 65 sq m to 523 sq m. The site has a land area of 7,653 sq m and is zoned for residential use under the 2008 Master Plan, with a gross plot ratio of 7.2.
Its proximity to Pearl’s Hill City Park and elevated location give Pearlbank Apartments privacy and serenity, yet it is a five-minute walk from Outram MRT station. Shops and eateries at Chinatown are also a short distance away.
“With its elevation on Pearl’s Hill, the site offers incredible day and night unblocked views of the city skyline even for the lower level units,” said Nicholas Wong, Head of Investment at Knight Frank.
“It is a masterpiece awaiting the discerning developers / investors creation as it is potentially an iconic landmark. Just outside its serene setting are Pearl’s Hill City Park, the Gardens-by-the-Bay, the CBD, the New Downtown at Marina Bay, the Integrated Resort, the medical hub (where Singapore General Hospital is) and Chinatown.”
The tender for the site will close on 3 November 2011, said Knight Frank.
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