Collective sale of Pearlbank Apartments finally completed

Romesh NavaratnarajahNovember 7, 2018

Pearlbank Apartments crop

The iconic horseshoe-shaped building in Outram was sold to CapitaLand for $728 million. (Photo: Colliers International)

Following several failed attempts over the past 10 years, the collective sale of Pearlbank Apartments was finally completed on 1 November – which was marked by a celebratory event held on Monday (5 Nov), revealed marketing agent Colliers International.

The iconic horseshoe-shaped building in Outram was sold for $728 million to CapitaLand in February this year through private treaty, following the close of an en bloc tender on 19 December 2017. A sale order from the Strata Titles Board was subsequently obtained in August.

“For more than a year, we worked tirelessly with the owners, staying the course despite facing numerous challenges along the way which included the introduction of the Pre-Application Feasibility Study on traffic impact for en bloc residential projects as well as managing pricing expectation amid market uncertainties. We are pleased to have overcome the various challenges and delivered an exceptional outcome for the owners,” said Colliers International managing director Tang Wei Leng.

More: Developers’ En Bloc Appetite Diminishing: RHB

Comprising 288 units (280 apartments and eight commercial units), the 37-storey development sits on a 7,653 sq m site. It is strategically located near the bustling Chinatown and central business district.

“Pearlbank Apartments will always have a special place in our heart due to its excellent hilltop location with fantastic views. The site is appealing and has good Feng Shui too – owners who were renting their units typically could secure a tenant within a day. Having said that, there have been numerous maintenance issues arising from the ageing building, and redevelopment seems to be the best option,” said Cecilia Seet, chairman of the Pearlbank Apartments Management Corporation Strata Title (MCST).

In concurring, homeowner Jennifer Lam said the completion of the sale is timely given that the building “is so old, with many maintenance and water leakage issues”.

“Like many residents, I am sad to leave this place which holds many memories. I will miss the tranquillity of the surrounding greenery and the convenience of living in the midst of the bustling Chinatown. However, the property is ageing and for retirees like myself, we would prefer a smaller unit for easy housekeeping,” she said.

“It would be difficult to find a similar property like Pearlbank Apartments again. If possible, I believe many owners would want to purchase a new unit from the developer when the new development at Pearlbank is ready in the future.”

More: Understanding The En Bloc Process (August 2018)

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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