{"id":100987,"date":"2018-11-07T10:25:41","date_gmt":"2018-11-07T03:25:41","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/collective-sale-of-pearlbank-apartments-finally-completed\/"},"modified":"2018-11-07T11:03:07","modified_gmt":"2018-11-07T04:03:07","slug":"collective-sale-of-pearlbank-apartments-finally-completed","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/collective-sale-of-pearlbank-apartments-finally-completed\/","title":{"rendered":"Collective sale of Pearlbank Apartments finally completed"},"content":{"rendered":"


\nThe iconic horseshoe-shaped building in Outram was sold to CapitaLand for $728 million. (Photo: Colliers International)
\nFollowing several failed attempts over the past 10 years, the collective sale of Pearlbank Apartments was finally completed on 1 November \u2013 which was marked by a celebratory event held on Monday (5 Nov), revealed marketing agent Colliers International.
\nThe 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.
\n\u201cFor 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,\u201d said Colliers International managing director Tang Wei Leng.
\nMore:\u00a0Developers\u2019 En Bloc Appetite Diminishing: RHB
\nComprising 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.
\n\u201cPearlbank 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 \u2013 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,\u201d said Cecilia Seet, chairman of the Pearlbank Apartments Management Corporation Strata Title (MCST).
\nIn concurring, homeowner Jennifer Lam said the completion of the sale is timely given that the building \u201cis so old, with many maintenance and water leakage issues\u201d.
\n\u201cLike 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,\u201d she said.
\n\u201cIt 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.\u201d
\nMore:\u00a0Understanding The En Bloc Process (August 2018)
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Collective sale of Pearlbank Apartments finally completed<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The iconic horseshoe-shaped building in Outram was sold to CapitaLand for $728 million. (Photo: Colliers...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-100987","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-qgP","jetpack-related-posts":[{"id":79734,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearlbank-apartments-sold-to-capitaland-for-728m\/","url_meta":{"origin":100987,"position":0},"title":"Pearlbank Apartments sold to CapitaLand for $728m","date":"February 13, 2018","format":false,"excerpt":"\r CapitaLand intends to redevelop the site into a high-rise residential development comprising around 800 units. (Photo: Colliers International) Pearlbank Apartments, a 37-storey development in Outram, has been sold via private treaty to CapitaLand for $728 million, following the close of its collective sale tender on 19 December 2017, revealed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":70402,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearlbank-apartments-tries-to-en-bloc-again-at-728-million\/","url_meta":{"origin":100987,"position":1},"title":"Pearlbank Apartments tries to en bloc again at $728 million","date":"October 30, 2017","format":false,"excerpt":"\r 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":71967,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/four-condos-up-for-en-bloc-sale\/","url_meta":{"origin":100987,"position":2},"title":"Four condos up for en bloc sale","date":"November 16, 2017","format":false,"excerpt":"\r Derby Court is a freehold condominium development located at 5, Derbyshire Road in District 11 near Novena MRT station. (Photo: JLL) Four residential developments, including the iconic Pearlbank Apartments in Outram, have been put up in separate tenders for en bloc sale. The others are Parkway Mansion in Katong,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":71705,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/land-sales-to-hit-14b-a-sign-of-property-market-resurgence\/","url_meta":{"origin":100987,"position":3},"title":"Land sales to hit $14b, a sign of property market resurgence","date":"November 14, 2017","format":false,"excerpt":"\r Pearlbank Apartments in Outram is a 37-storey horse-shoe shaped building that comprises 280 apartments and eight commercial units. (Photo: Colliers International) More than $3.3 billion worth of land deals, including en bloc sales, are expected to be completed in Singapore during this quarter, boosting the total for the whole\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":80709,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-february-2018\/","url_meta":{"origin":100987,"position":4},"title":"News Roundup (February 2018)","date":"February 22, 2018","format":false,"excerpt":"\r Our top Singapore property stories. Budget 2018: Govt raises buyer\u2019s stamp duty for residential properties priced above $1 million\u00a0 Effective from 20 February, the top marginal Buyer\u2019s Stamp Duty (BSD) rate for residential properties priced above $1 million has been\u00a0raised to 4.0 percent from 3.0 percent previously, revealed Finance\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2018\/02\/Pearlbank-Apartments-crop.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":60302,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearl-bank-apartments-makes-4th-collective-sale-attempt\/","url_meta":{"origin":100987,"position":5},"title":"Pearl Bank Apartments makes 4th collective sale attempt","date":"July 10, 2017","format":false,"excerpt":"\r View of Pearl Bank Apartments in Outram. (Photo: Wikimedia Commons) The owners of Pearl Bank Apartments in Outram are once again trying their luck at a collective sale, appointing Colliers International and Lee and Lee as marketing agent and law firm for the en bloc process respectively, reported Channel\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/100987"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=100987"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/100987\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=100987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=100987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=100987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}