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One Pearl Bank hits new high of $2,891 psf

/ EdgeProp Singapore |

May 12, 2022 7:37 PM SGT

SINGAPORE (EDGEPROP) - In the week of April 22 to 30, the highest transaction recorded on a psf basis was for a one-bedroom unit at One Pearl Bank, located in the Outram neighbourhood of District 3.

A one-bedder at One Pearl Bank sold for $1.62 million on April 30 (Photo: Samuel Isaac Chua/The Edge Singapore)

The 99-year leasehold unit, which measures 560 sq ft, was sold by developer CapitaLand on April 30 for $1.62 million, or $2,891 psf.

One Pearl Bank comprises two 39-storey residential towers that are linked at the roofs via sky bridges. There are a total of 774 units comprising a mix of one-, two-, three- and four-bedders, with sizes ranging from 430 to 2,800 sq ft.

Slated for completion in 2023, One Pearl Bank is a three-minute walk via a sheltered walkway to Outram Park MRT station, which is an interchange for the East-West, North-East and Thomson-East Coast lines. The condo is also within close proximity to the Singapore General Hospital (SGH) Campus within the Outram estate.

Other nearby amenities include eateries in Chinatown along Keong Saik Road, together with food centres and wet markets such as Tanjong Pagar Market & Centre, Maxwell Food Centre, Amoy Street Food Centre and Tiong Bahru Food Centre.

Based on caveats lodged, 80% of units at One Pearl Bank have been sold to date at an average price of $2,418 psf since the project’s launch in July 2019.

The project is a redevelopment of the former Pearl Bank Apartments, which was considered Singapore’s first high-rise residential building when completed in 1976. It was purchased en bloc by CapitaLand for $728 million in February 2018.

Another development that saw a new psf price high is La Mariposa. A two-bedroom unit measuring 689 sq ft was sold by the developer for $1.36 million on April 26, which works out to $1,976 psf.

La Mariposa is a freehold boutique apartment jointly developed by Lakeview Investments and LR Properties. The low-rise development is located along Mangis Road within the Joo Chiat neighbourhood of District 15. Comprising 17 units, the project has a mix of two- to four-bedroom apartments measuring between 689 to 1,345 sq ft. Sixteen of the development’s units have been sold to date since its launch in March 2021 based on caveats lodged at an average price of $1,771 psf.

The development is in close proximity several amenities, including Geylang Serai Market and Food Centre, PLQ Mall, and i12 Katong, which are all within five- to 10-minute driving distance.

La Mariposa is slated to receive its temporary occupation permit in 2023.

Waterfall Gardens is another development that reached a new psf price high. This was achieved after a 2,583 sq ft unit on the first floor changed hands for $5.1 million ($1,974 psf). The unit sold is a four-bedder that was previously acquired for $3.95 million ($1,529 psf) in July 2011.

Waterfall Gardens is a freehold condominium development located along Farrer Road (Photo: Samuel Isaac Chua/The Edge Singapore)

Completed in 2010, Waterfall Gardens is a freehold condominium development located along Farrer Road in District 10. It comprises three 12-storey residential towers with a total of 132 units, made up of three and four-bedroom apartments.

Waterfall Gardens is within a 10-minute drive to Holland Village and Tanglin Mall. It is also close to the Botanic Gardens while the Orchard Road shopping belt is a 15-minute drive away.

No new psf price lows were recorded during the period.

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