Pearl bank enbloc
Pearl Bank enbloc sold to CapitaLand for S$728m
SINGAPORE: Pearl Bank Apartments has been sold for S$728 million to CapitaLand through a private treaty collective sale, marketing agent Colliers International announced in a news release on Tuesday (Feb 13). Pearl Bank enbloc is now the re-designed One Pearl Bank
The sale of the iconic horseshoe-shaped building at Outram comes after the close of its collective sale tender on Dec 19 – its fourth attempt at a collective sale.
The collective sale tender attracted keen interest from developers, Colliers International said, adding however that they flagged concerns which included uncertainties arising from the PAFS on traffic impact which will affect the number of units that can be built on the site.
The collective sale committee then instructed Colliers International to enter into private treaty negotiations with interested parties who needed more time to assess the impact of PAFS.
According to collective sales rules, the owners may enter into a private treaty contract with a buyer within 10 weeks from the close of the public tender. It was during this period, Colliers said, that it managed to seal the deal for Pearl Bank Apartments, selling it to CapitaLand.
The sale price – which met the owners’ reserve price – translates to a land cost of about S$1,515 per square foot per plot ratio, said Colliers International.