SINGAPORE (EDGEPROP) - One Pearl Bank, an award-winning development by CapitaLand, has been fully sold, marked by the recent sale of its last penthouse unit. The development boasts four penthouse units, with the final unit, a spacious 2,788 sq ft residence on the 38th level, being sold for $7.1 million, or $2,547 psf. The buyer of this penthouse is a Singaporean, reflecting the predominant domestic interest in the property.
Transactions for all penthouse units at One Pearl Bank: EdgeProp Research
The twin-39 storey, 774-unit development at the top of Pearl’s Hill is designed by Serie+Multiply, a joint venture between London-based Serie Architects and Singapore-based Multiply Architects. The curved façade of the two towers pays homage to the original horseshoe shape of the former Pearl Bank Apartments, which had been the tallest residential tower in Singapore when it was completed in 1976. CapitaLand had purchased the former 99-year leasehold, Pearl Bank Apartments in an en bloc deal for $728 million in February 2018. Soaring 178m in height, One Pearl Bank will be the tallest residential tower in the Outram-Chinatown district in the Central area of Singapore.
Information about One Pearl Bank: EdgeProp LandLens
The project is situated within a five-minute walk of the upcoming Outram Park MRT Station. CapitaLand will be building a sheltered walkway against inclement weather. Accessibility will be greatly increased with Outram Park MRT Station designated as an interchange for three MRT lines: North East, East-West and theThomson-East Coast Line.
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In terms of its overall sales, One Pearl Bank achieved an average price of $2,753 psf. The units were sold within a price range of $2,430 to $3,009 psf. Demographically, 76.8% of the buyers are Singaporeans. PRs followed at 16.4%, and foreign nationals constituted 6.8% of the buyers. Launched in July 2019, it took the project just over four years (around 51 months) to fully sellout. 25% of the entire development, or 160 units, was sold during the launch weekend.
Cumulative take-up rate for One Pearl Bank: EdgeProp Research
CapitaLand recently previewed J’den, a redevelopment of JCube mall into a 40-storey tower with commercial space on the first two storeys and 368 apartments on the uppermost 38 floors. The showflat drew more than 7,000 visitors on its first weekend of public preview.
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