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One Pearl Bank hits new high of $2,959 psf

/ EdgeProp Singapore |

August 4, 2022 7:00 AM SGT

SINGAPORE (EDGEPROP) - The sale of a one-bedroom unit at One Pearl Bank, located in District 3’s Outram area, fetched the highest price on a psf basis recorded between July 12 and 24. The 99-year leasehold unit, which measures 560 sq ft and is located on the 36th floor, was sold by developer CapitaLand on July 13 for $1.66 million, or $2,959 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.

A one-bedder at One Pearl Bank was sold on July 13 for $1.66 million or $2,959 psf, a new psf-price high for the development (Picture: Samuel Isaac Chua/The Edge Singapore)

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, NorthEast and Thomson-East Coast Lines. The condo is also within close proximity of the Singapore General Hospital Campus within the Outram estate.

Based on caveats lodged, 40% of units at One Pearl Bank have been sold to date at an average price of $2,424 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 Peak Residence, located along Thomson Road in the Novena area in District 11. A one-bedder measuring 560 sq ft was sold by developer Tuan Sing Holdings for $1.61 million ($2,872 psf) on July 24. The unit sold is located on the fifth floor.

Peak Residence is a freehold development with 90 apartments spread across three low-rise blocks. Units comprise a mix of one- to four-bedders, with sizes starting from 528 sq ft and going up to 1,389 sq ft.

Peak Residence saw a new psf-price high of $2,872 psf after a 560 sq ft unit was sold for $1.61 million on July 24 (Picture: Samuel Isaac Chua/The Edge Singapore)

Located on an elevated site, the development overlooks the landed housing estate along Chancery Hill Road and Dyson Road. It is within walking distance of the Novena MRT Station on the North-South Line, which is connected to the Velocity@Novena Square and Square 2 shopping malls. The United Square shopping mall is also nearby.

To date, 38% of the units at Peak Residence have been sold at an average price of $2,459 psf, based on caveats lodged. The development is slated for completion in 2025.

Meanwhile, Grandview Suites saw a new low in terms of psf price, after a unit on the fifth floor measuring 958 sq ft was sold for $862,200 or $900 psf on July 22. This marks a new all-time psf-price low for the development, which was completed in 2016.

Grandview Suites hit a new psf-price low after a 958 sq ft unit was sold $862,200 or $900 psf on July 22 (Picture: Knight Frank Singapore)

Grandview Suites is a freehold mixed-use development located at the corner of Geylang Road and Lorong 22 Geylang in District 14. The five-storey development comprises 52 apartments and eight ground-floor shops.

Grandview Suites is a short drive away from PLQ Mall, SingPost Centre and Paya Lebar Square. It is also close to several eateries and other amenities located along Geylang Road, while the Aljunied MRT Station on the East-West Line is a seven-minute walk away

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