The 37-storey horse-shoe shaped building comprises 280 apartments and eight commercial units. (Photo: Colliers International)
Pearlbank Apartments in Outram is making its fourth collective sale attempt at a reserve price of $728 million, after more than 80 percent of the owners consented to the sale, marketing agent Colliers International said on Monday (30 October).
The price translates to a land cost of about $1,505 psf per plot ratio, inclusive of an upgrading premium of $195 million for the lease top-up. There is no development charge payable.
Located on Pearl’s Hill next to Outram Park MRT interchange, the 37-storey horseshoe-shaped building comprises 280 apartments and eight commercial units. It sits on an 82,376 sq ft site and has a 99-year lease with effect from June 1970.
The apartment owners, whose unit sizes range from approximately 1,323 sq ft to 3,993 sq ft, stand to get between $1.8 million and $4.9 million, while the commercial owners could receive $1.2 million to $6.9 million for their units ranging from 700 sq ft to 5,630 sq ft.
“We started the signing process on 8 July and have achieved the necessary signatures in under four months, which is significantly faster than our previous rounds,” said Alex Poh, chairman of the collective sale committee.
“The owners understand that it is time to sell given the age of the property and hence have shown great commitment to ensuring a smooth and quick process.”
According to Colliers, the development has a gross plot ratio of 7.2 under the 2014 Master Plan and could be redeveloped into a residential project comprising 730 units with an average size of 800 sq ft, subject to approval from the relevant authorities.
The tender for Pearlbank Apartments is expected to launch in two weeks’ time and will close before the end of the year.