CapitaLand announced that 160 units or 80% of 200 units released during the first weekend of launch, have been sold as at 5pm on Sunday, July 21. Bookings had commenced at 11am on Saturday, July 20. The average sale price achieved was $2,400 psf.

The sales rate achieved translates to 21% of a total of 774 units in the private condo development at 1 Pearl Bank. “The strong performance during its first weekend of sales earned One Pearl Bank the distinction of the best-selling new launch in Singapore’s Central Area year to date,” according to CapitaLand in a release.

“We are very encouraged by the positive response for One Pearl Bank during its weekend launch,” said Ronald Tay, CEO of CapitaLand Singapore, Malaysia & Indonesia, Residential & Retail. “This points to the continued market demand for well-appointed homes in prime District 3 that are connected to transport nodes, amenities and lifestyle options.”

Homebuyers who booked their units during the first weekend enjoyed an early bird discount of 1%. Units sold included a mix of studios, one-, two- and three-bedroom apartments. The most popular unit types were the one- and two-bedroom units, which accounted for 56% and 31% of the 160 units sold respectively.

According to CapitaLand, about 80% of the buyers were Singaporeans and Permanent Residents; with the remaining being foreigners, particularly from China, Malaysia and Indonesia.

Units at One Pearl Bank range from studios of 431 sq ft to penthouses of up to 2,788 sq ft. Prices start from under $1 million for a studio apartment, with more than two-thirds of apartments priced below $2 million apiece.

The sales gallery for One Pearl Bank had opened to the public just the weekend before (July 13-14) and drew a crowd of more than 4,0000 visitors. The project is a redevelopment of the former Pearl Bank Apartments, which CapitaLand purchased en bloc for $728 million in February 2018. It paid an additional $201.4 million to top up the lease to a fresh 99-years.