{"id":79734,"date":"2018-02-13T11:01:04","date_gmt":"2018-02-13T04:01:04","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearlbank-apartments-sold-to-capitaland-for-728m\/"},"modified":"2018-02-13T11:03:08","modified_gmt":"2018-02-13T04:03:08","slug":"pearlbank-apartments-sold-to-capitaland-for-728m","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearlbank-apartments-sold-to-capitaland-for-728m\/","title":{"rendered":"Pearlbank Apartments sold to CapitaLand for $728m"},"content":{"rendered":"


\nCapitaLand intends to redevelop the site into a high-rise residential development comprising around 800 units. (Photo: Colliers International)
\nPearlbank 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 marketing agent Colliers International.
\nThe sale price works out to a land cost of around $1,515 psf per plot ratio (psf ppr), after taking into account an upgrading premium of around $201 million for the lease top-up. No development charge is payable for Pearlbank Apartments.
\nFeaturing a total of 288 units (280 apartments and eight commercial units), the building has a leasehold tenure of 99 years with effect from June 1970.
\nColliers revealed that apartment owners stand to gain $1.8 million to $4.9 million from the successful sale of the development, while owners of commercial units could receive $1.2 million to $6.9 million.
\n\u201cWhile residents of Pearlbank Apartments had previously explored the idea to conserve Pearlbank Apartments due to its history and design, recent sentiment has strongly shifted to redevelopment,\u201d said Alex Poh, chairman of Pearlbank Apartments collective sale committee.
\n\u201cA deeper analysis of the building structure and the required enhancement work show that conservation would be a costly undertaking and a huge burden for the owners. It is not a viable nor favourable option for the residents,\u201d he noted.
\n\u201cIn addition, the redevelopment of the ageing building will also be in line with the ongoing renewal of Outram. The future development will enhance the architectural transformation of the area and the owners strongly support the redevelopment of Pearlbank Apartments.\u201d
\nCapitaLand intends to redevelop the site into a high-rise residential development comprising around 800 units, subject to certain conditions.
\nThe property developer saw its total profit after tax and minority interest (PATMI) drop 37.8 percent year-on-year to $267.7 million in Q4 2017, while revenue fell 34.6 percent to $1.2 billion.
\nFor the full-year 2017, total PATMI increased 30.3 percent to $1.55 billion from $1.2 billion in 2016, \u201cdue to higher portfolio and fair value gains from divestments of Innov Tower in China, One George Street and Wilkie Edge in Singapore, as well as serviced residence properties in Germany, China and Japan\u201d, said CapitaLand in a release.
\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…Pearlbank Apartments sold to CapitaLand for 8m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

CapitaLand intends to redevelop the site into a high-rise residential development comprising around 800 units....<\/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-79734","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-kK2","jetpack-related-posts":[{"id":100987,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/collective-sale-of-pearlbank-apartments-finally-completed\/","url_meta":{"origin":79734,"position":0},"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":80709,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-february-2018\/","url_meta":{"origin":79734,"position":1},"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":70402,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearlbank-apartments-tries-to-en-bloc-again-at-728-million\/","url_meta":{"origin":79734,"position":2},"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":79734,"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":79850,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-prices-could-increase-by-10-this-year-says-capitaland-ceo\/","url_meta":{"origin":79734,"position":4},"title":"Home prices could increase by 10% this year, says CapitaLand CEO","date":"February 14, 2018","format":false,"excerpt":"\r Rising sales and prices indicate an end to the four-year slump for Singapore\u2019s housing market. CapitaLand CEO Lim Ming Yan expects home prices in Singapore to increase by as much as 10 percent this year \u2013 a view which is in line with other forecasts, reported Bloomberg. Analysts at\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":79734,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/79734"}],"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=79734"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/79734\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=79734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=79734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=79734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}