One Pearl Bank at Outram MRT
CapitaLand has acquired Pearl Bank Apartments, now renamed as One Pearl Bank, in a collective sale for S$728 million. The en bloc sale was made through a private treaty according to the Colliers International, the marketing agent for the land. The sale of the iconic horseshoe-shaped building comes after 3 unsuccessful collective sale attempts.
One Pearl Bank site is sited on elevated ground and occupies a land area of 7,653 sqm which is about 82,376 sq ft. Although the land has a GPR of 7.2 as per the 2014 Master Plan, the land has an existing GPR of 7.4479. It can be redeveloped into a development with a GFA of 56, 998.8 sqm which is about 613,530 sq ft.
One Pearl Bank by CapitaLand
Sitting currently now on the One Pearl Bank site is an old building that comprises of 288 units 9 8 commercial units and 280 apartments existing for 99 years. Every owner with an apartment ranging between 123 sqm and 371 sqm, is expected to receive between S$1.8 million and S$4.9 million. Each owner of commercial units between 65 sqm to 523 sqm is expected to be awarded between S$1.2 million and S$46.9 million.
According to Colliers, the purchase price marched the owner’s reserve price. An additional top-up of S$201.4 million was made to extend the lease 99 years. The sale price reflects a land price of around S$1,515psf GFA.
One Pearl Bank site is well located next to Outram Park MRT station. Once certain conditions are attained, the site is set to be redeveloped into a high-rise residential development that features up to 800 units that include social facilities. However, One Pearl Bank site is subject to the Pre-Application Feasibility Study as per the announcement by URA.
BENEFITS THAT RESIDENTS OF ONE PEARL BANK WILL ENJOY LIVING IN DISTRICT 3 SINGAPORE
When looking for the next place to make your home convenience is a great factor to consider. Well, future residents of One Pearl Bank apartments will appreciate the convenience that prevails in this part of Singapore. With nearly everything in this condo location located right next to your home, you get to live a more comfortable life. Amenities and facilities are in abundance so that you don’t have to cover long distances to fetch supplies.
Unlike the old District 3, this area is now transformed into a vibrant enclave packed with several developments that suites residential living. You can find a plethora of food options, boutiques, shopping destinations and more around the neighborhood. To give you a glimpse of what this area has to offer, here are some of the things that you can look forward to enjoying during your stay at One Pearl Bank.
ONE PEARL BANK – CONVENIENT TRANSPORTATION NETWORKS
Situated close to the CBD, the convenience you get living at One Pearl Bank is exceptional. This area is well connected with roads and MRT lines that deliver quick transport. With an excellent transportation system, accessing various facilities in the neighborhood is made possible. You will be able to save lots of times traveling between places.
The future residents of One Pearl Bank can get anywhere they want using their cars or the multitude of bus services provided in the area. Drivers can easily connect to Ayer Rajah Expressway (AYE) that links to Marina Coastal Expressway (MCE). The roads make traveling across the neighborhood a breeze. One Pearl Bank is situated close to NE3 Outram Park, NE4 Chinatown MRT, and EW16 Outram Park.
Outram Park is the closest train station to One Pearl Bank, other stations around the area offering complete train services include Queenstown, Redhill, Tong Bahru, and Commonwealth. Upon completion of Thomson-East Coast Line, Havelock MRT station will boost connectivity in the neighborhood.
With excellent connectivity, getting to any part of Singapore is made possible. Future residents of One Pear Bank will enjoy the convenience they get from the established transportation network coupled with the proximity to a plethora of amenities and facilities that provide for their day to day needs.