{"id":70402,"date":"2017-10-30T14:07:57","date_gmt":"2017-10-30T07:07:57","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearlbank-apartments-tries-to-en-bloc-again-at-728-million\/"},"modified":"2017-10-30T16:06:00","modified_gmt":"2017-10-30T09:06:00","slug":"pearlbank-apartments-tries-to-en-bloc-again-at-728-million","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearlbank-apartments-tries-to-en-bloc-again-at-728-million\/","title":{"rendered":"Pearlbank Apartments tries to en bloc again at $728 million"},"content":{"rendered":"


\nThe 37-storey horse-shoe shaped building comprises 280 apartments and eight commercial units. (Photo: Colliers International)
\nPearlbank 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 said on Monday (30 October).
\nThe price translates to a land cost of about $1,505 psf per plot ratio, inclusive of an upgrading premium of $195 million for the lease top-up. There is no development charge payable.
\nLocated on Pearl\u2019s Hill next to Outram Park MRT interchange, the 37-storey horseshoe-shaped building comprises 280 apartments and eight commercial units. It sits on an 82,376 sq ft site and has a 99-year lease with effect from June 1970.
\nThe apartment owners, whose unit sizes range from approximately 1,323 sq ft to 3,993 sq ft, stand to get between $1.8 million and $4.9 million, while the commercial owners could receive $1.2 million to $6.9 million for their units ranging from 700 sq ft to 5,630 sq ft.
\n\u00a0\u201cWe started the signing process on 8 July and have achieved the necessary signatures in under four months, which is significantly faster than our previous rounds,\u201d said Alex Poh, chairman of the collective sale committee.
\n\u201cThe owners understand that it is time to sell given the age of the property and hence have shown great commitment to ensuring a smooth and quick process.\u201d
\nAccording to Colliers, the development has a gross plot ratio of 7.2 under the 2014 Master Plan and could be redeveloped into a residential project comprising 730 units with an average size of 800 sq ft, subject to approval from the relevant authorities.
\nThe tender for Pearlbank Apartments is expected to launch in two weeks\u2019 time and will close before the end of the year.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Pearlbank Apartments tries to en bloc again at 8 million<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The 37-storey horse-shoe shaped building comprises 280 apartments and eight commercial units. (Photo: Colliers International)...<\/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-70402","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-ijw","jetpack-related-posts":[{"id":79734,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearlbank-apartments-sold-to-capitaland-for-728m\/","url_meta":{"origin":70402,"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":100987,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/collective-sale-of-pearlbank-apartments-finally-completed\/","url_meta":{"origin":70402,"position":1},"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":71705,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/land-sales-to-hit-14b-a-sign-of-property-market-resurgence\/","url_meta":{"origin":70402,"position":2},"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":71967,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/four-condos-up-for-en-bloc-sale\/","url_meta":{"origin":70402,"position":3},"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":60302,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearl-bank-apartments-makes-4th-collective-sale-attempt\/","url_meta":{"origin":70402,"position":4},"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":[]},{"id":80709,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-february-2018\/","url_meta":{"origin":70402,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/70402"}],"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=70402"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/70402\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=70402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=70402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=70402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}