{"id":60302,"date":"2017-07-10T10:30:21","date_gmt":"2017-07-10T03:30:21","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearl-bank-apartments-makes-4th-collective-sale-attempt\/"},"modified":"2017-07-10T12:09:30","modified_gmt":"2017-07-10T05:09:30","slug":"pearl-bank-apartments-makes-4th-collective-sale-attempt","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearl-bank-apartments-makes-4th-collective-sale-attempt\/","title":{"rendered":"Pearl Bank Apartments makes 4th collective sale attempt"},"content":{"rendered":"


\nView of Pearl Bank Apartments in Outram. (Photo: Wikimedia Commons)
\nThe 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 NewsAsia.
\nWith a site area of 82,376 sq ft and a plot ratio of 7.2, Pearl Bank Apartments comprises eight commercial units and 280 residential units. Although it was built in 1976, the 99-year leasehold property only has 52 years left on its lease since its tenure began in 1970.
\nThe iconic horseshoe-shaped building was put up for collective sale three times \u2013 in 2007, 2008 and 2011 \u2013 but had no takers. Efforts to gazette it as a conserved building in 2015 also failed as the liaison committee did not secure 100 percent consent from the owners.
\nFor its fourth attempt, the property reportedly carries a reserve price of $728 million. Each homeowner will stand to gain $2.6 million on average in the event the collective sale goes through.
\nThe committee has one year to attain the 80 percent consent of homeowners to put the development up for sale. Committee chairman Alex Poh, however, hopes to gather the required signatures within the quarter so that they could launch the property for tender by Q4 2017.
\n\u201cIt\u2019s all about timing,\u201d said Poh. \u201cThe earlier the better, and it fits the market trend right now.\u201d
\nMarket analysts expect the residential collective sales market to pick up, on the back of strong demand for land by developers and the stabilisation of private home sales.
\nFormer HUDC estate Rio Casa was sold en bloc for $575 million in May, while Serangoon Ville, also a former HUDC estate, was put up for collective sale last month.
\nPoh revealed that he initiated the collective sale process as the building is getting more expensive to maintain due to its old age.
\n\u201cIt is also the next-best option to getting Pearl Bank conserved, since the last time it required all residents to agree to conserve the building, and we weren\u2019t able to do that,\u201d he added.
\n\u201cBut in this case, the developer might choose to conserve it if the authorities approve.\u201d
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Pearl Bank Apartments makes 4th collective sale attempt<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

View of Pearl Bank Apartments in Outram. (Photo: Wikimedia Commons) The owners of Pearl Bank...<\/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-60302","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-fGC","jetpack-related-posts":[{"id":109008,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-is-one-pearl-bank-so-popular-with-homebuyers\/","url_meta":{"origin":60302,"position":0},"title":"Why Is One Pearl Bank So Popular With Homebuyers?","date":"July 15, 2019","format":false,"excerpt":"\r Amid gloomy market conditions, the public preview of One Pearl Bank by CapitaLand drew over 4,000 prospective buyers to its sales gallery over the weekend of 13 and 14 July 2019.\u00a0 What makes the project so popular? Below are some of our observations. 1. Unique design One Pearl Bank\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":106985,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearl-bank-apartments-to-be-digitally-preserved-ahead-of-redevelopment\/","url_meta":{"origin":60302,"position":1},"title":"Pearl Bank Apartments to be digitally preserved ahead of redevelopment","date":"May 10, 2019","format":false,"excerpt":"\r CapitaLand has spent months documenting Pearl Bank\u2019s facade with the use of drones as well as detailed images and videos of the building. The iconic Pearl Bank Apartments in Outram is set to be digitally documented for public archives ahead of the building\u2019s redevelopment. In fact, CapitaLand has spent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":107123,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/heres-what-the-new-one-pearl-bank-will-look-like\/","url_meta":{"origin":60302,"position":2},"title":"Here's What The New One Pearl Bank Will Look Like","date":"May 15, 2019","format":false,"excerpt":"\r The new design pays homage to the iconic apartment design and more. CapitaLand has unveiled the design for One Pearl Bank, the development replacing the horseshoe-shaped One Pearl Bank Apartments acquired by the developer for $728 million in February last year. Designed by multi award-winning Serie+Multiply, the new development\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2019\/05\/Image-1_CapitaLand-unveils-One-Pearl-Bank-266x300.jpg?fit=266%2C300&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":108998,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/former-residents-among-the-2000-visitors-at-one-pearl-bank-launch\/","url_meta":{"origin":60302,"position":3},"title":"Former residents among the 2,000 visitors at One Pearl Bank launch","date":"July 15, 2019","format":false,"excerpt":"\r 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.\u00a0 Some 2,300 prospective buyers,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":100987,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/collective-sale-of-pearlbank-apartments-finally-completed\/","url_meta":{"origin":60302,"position":4},"title":"Collective sale of Pearlbank Apartments finally completed","date":"November 7, 2018","format":false,"excerpt":"\r 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 \u2013 which was marked by a celebratory event held on Monday (5\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":79734,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearlbank-apartments-sold-to-capitaland-for-728m\/","url_meta":{"origin":60302,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/60302"}],"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=60302"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/60302\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=60302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=60302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=60302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}