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One Pearl Bank hits new high of $2,973 psf

/ EdgeProp Singapore |

September 2, 2022 8:30 AM SGT

SINGAPORE (EDGEPROP) - The sale of a one-bedroom unit at One Pearl Bank achieved the highest psf price among all condominiums that registered new price highs from Aug 16 to 21.

The 99-year leasehold unit on the 37th floor measures 560 sq ft. It was sold by developer CapitaLand on Aug 21 for $1.66 million, or $2,973 psf. This beats the previous high set in July when another 560 sq ft unit sold for about $7,800 less, which works out to $2,959 psf.

ONE PEARL BANK SCALE MODEL - EDGEPROP SINGAPORE

A one-bedder at One Pearl Bank was sold for $1.66 million ($2,973 psf) on Aug 21 (Picture: Samuel Isaac Chua/The Edge Singapore)

Located at the top of Pearl’s Hill in the Outram-Chinatown district in District 3, One Pearl Bank comprises two 39-storey residential towers. There are a total of 774 units comprising a mix of one-, two-, three- and four-bedders, as well as four sky villas. Unit sizes range from 431 sq ft to 2,788 sq ft.

Slated for completion in 2023, One Pearl Bank is a five-minute walk via a sheltered walkway to Outram Park MRT Station, which is an interchange for the East-West and North-East Lines. It will also be an interchange for the Thomson-East Coast Line, as part of the third stage of the line that will open this year.

Based on caveats lodged, 86% of units at One Pearl Bank have been sold to date at an average price of $2,431 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 recorded a new psf price high is Novena Suites. A one-bedroom plus study unit measuring 797 sq ft changed hands for $1.65 million, or $2,071 psf on Aug 17. This marks the first time a transaction at the development has crossed the $2,000 psf threshold.

A 797 sq ft unit at Novena Suites changed hands for $1.65 million ($2,071 psf) on Aug 17 (Picture: Samuel Isaac Chua/The Edge Singapore)

Novena Suites is a freehold development by UOL located along Moulmein Road in the Novena area in District 11. Completed in 2004, there are a total of 92 residences, comprising a mix of one- to four-bedders ranging from 667 sq ft to 3,208 sq ft.

Novena Suites is located close to the Novena MRT Station on the North-South Line, which in turn, is connected to three shopping malls — Velocity @ Novena Square, Square 2 and Royal Square Novena.

The Makena is another development that recorded a psf price high, after a 926 sq ft unit sold for $1.77 million or $1,912 sq ft on Aug 16. This beats the previous high set in April after a 1,582 sq ft unit changed hands for $2.91 million or $1,839 psf. It is also the first time a unit there has transacted above the $1,900 psf mark.

A 926 sq ft unit at The Makena was sold for $1.77 million ($1,912 psf) on Aug 16 (Picture: Samuel Isaac Chua/The Edge Singapore)

The Makena is a freehold development located along Meyer Road in District 15’s Marine Parade area. Completed in 1998, the condo comprises three blocks with a total of 504 units. It is located within walking distance of the upcoming Tanjong Katong MRT Station under the fourth stage of the Thomson-East Coast Line, slated to open in 2024.

Other amenities in the vicinity include malls such as Parkway Parade, i12 Katong, Kinex and Kallang Wave Mall while recreational facilities are available at the nearby East Coast Park.

No new psf price lows were recorded during the period in review.