One Pearl Bank attracted about 2,300 buyers during its opening, including former residents, two of which registered their intent to acquire units. However, a large part found that the new development is beyond their reach, even with the new payouts from the en bloc sale.
Some 2,300 prospective buyers, including former residents, thronged the sales gallery of One Pearl Bank during its opening last Saturday (13 July), reported Today Online.
In fact, two of the former owners of the iconic Pearl Bank Apartments registered their intent to acquire units at the new 39-storey condominium even though bookings will only open on 20 July.
However, others found the prices at the new development to be beyond their reach, even with the payouts from the en bloc sale.
“Prices have now shot up so high. It is beyond reach. Anything above $2,000 per square foot is too much,” said Mr Chua, a 77-year old former owner.
The retiree revealed that the $1.8 million he received for his 1,324 sq ft two-bedder at the old Pearl Bank Apartments is not enough for a similar sized unit at the new development.
He could only afford a 700 sq ft two-bedroom unit for his $1.8 million after taking into account buyers’ stamp duties as well as other costs.
Another former owner, Alex Poh, who also served as Pearl Bank Apartments’ collective sales committee chairman, said homeowners from the former development should not be surprised to find the new homes, which come with a topped-up lease of 99 years, to be priced higher.
“You walk into a Mercedes showroom, you cannot say I want to buy at a second-hand car price. It’s very clear cut. Or if you walk into your Mercedes showroom you want your seller to sell you at Toyota car prices? Simple equation.”
The 65-year-old, who received $5 million for his two three-bedroom units at the Pearl Bank Apartments, is looking at investing in a million-dollar studio unit at the new development, subject to the bank granting him a loan.
Poh noted that snagging a “first-mover advantage” matters as units there are expected to fetch higher prices in the future.
Wendy Hui, also a former resident of Pearl Bank Apartments, lamented that the new units would not be as windy as her old unit.
She explained that her old house had a window where air could freely move from the corridor to her living room, whereas the new units will be facing each other, creating a barrier to the air flow.
Nonetheless, the 66-year old former owner submitted two cheques to confirm interest for two units – one for her son and another for herself.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org