Pearl Bank Apartments Singapore, Chinatown Building Development, Tower
Pearl Bank Apartments
CapitaLand Building Development in southeast Asia: Pearl?s Hill Property
13 Feb 2018
Pearl Bank Apartments
CapitaLand acquires centrally located Pearl Bank Apartments in Singapore?s Chinatown for S$728 million
Location: Pearl?s Hill, Singapore
Prime site atop Pearl?s Hill to be rejuvenated with an iconic high-rise residential development boasting excellent transport connectivity.
Singapore, 13 February 2018 ? CapitaLand Limited has successfully acquired the centrally located Pearl Bank Apartments through a private treaty collective sale for S$728 million. The sale price, with an additional lease top-up premium estimated at S$201.4 million payable to the state to top-up the lease to a fresh 99 years, translates to a land price of approximately S$1,515 per square foot per gross floor area.
photograph courtesy of CapitaLand
The prime site atop Pearl?s Hill in Outram Park has a land area of 82,376 square feet (sq ft), with an existing plot ratio of 7.45. Subject to conditions precedent, CapitaLand plans to redevelop the site into a highrise residential development comprising around 800 units with a host of social, shared facilities which will foster community spirit and celebrate the area?s unique heritage.
Every unit will enjoy unblocked panoramic views extending from the Central Business District (CBD) to Sentosa as the site is perched on elevated ground. The development will o...