One Pearl Bank holds all the aces

By EdgeProp Singapore

/ EdgeProp Singapore |

August 11, 2022 6:30 AM SGT

Panoramic view of the CBD and Chinatown from the 28th floor of the former Pearl Bank Apartments (Photo: Samuel Isaac Chua/EdgeProp Singapore)

SINGAPORE (EDGEPROP) - Construction of One Pearl Bank is well underway and scheduled for completion by the end of next year. 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. It is building a new landmark atop Pearl’s Hill that will be taller than the old Pearl Bank Apartments. Soaring 178m in height, One Pearl Bank will be the tallest residential tower in the Outram-Chinatown district in the Central area of Singapore. (See potential condos with en bloc calculator)

Units start from the second level of the towers. Raised 27m above road level, it is the equivalent of the ninth or 10th floor of a typical tower. Given its height, units are assured of views. Even mid-level units like those on the 18th floor will enjoy panoramic views, says John Cheong, Huttons’ associate senior district director and project lead in-charge at One Pearl Bank. Cheong was a guest speaker at the EdgeProp Singapore’s NDP Master Plan Master Class webinar on the Outram area on Aug 6.

Scale model of One Peark Bank - EDGEPROP SINGAPORE

Scale model of One Peark Bank's 39-storey twin towers by CapitaLand (Photo: Samuel Isaac Chua/EdgeProp Singapore)

North-facing units will have a 180° view of Clarke Quay and the city skyline, while south-facing units will overlook Sentosa Island and the sea, adds Cheong.

One Pearl Bank 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 the upcoming Thomson-East Coast Line, which is expected to be operational soon.

At the boundary with Pearl’s Hill City Park, there will be a new side gate leading directly to the park. It will have security features to ensure that the gate is accessible only to residents of One Pearl Bank. A bonus for residents at One Pearl Bank is that Pearl’s Hill City Park is being enhanced by the addition of a children’s playground and social spaces.

boundary with Pearl’s Hill City Park - EDGEPROP SINGAPORE

At the boundary with Pearl’s Hill City Park, there will be a new side gate leading directly to the park (Photo: Google Maps)

A novelty is the sky allotment gardens concept which CapitaLand is introducing at One Pearl Bank. There will be 18 sky allotment gardens across different floors of both towers. They will offer close to 200 plots for residents to grow their herbs, fruits and vegetables. The aim is to create community bonding among residents.

There will be over 500 trees across 35 species and more than 135,000 shrubs, plants and flowers planted throughout One Pearl Bank. The greenery will occupy up to 60,000 sq ft (75%) of the total site area.

CapitaLand has also introduced the “Renovation-Zero concept”, whereby the new owners can move in immediately without undertaking any renovation. The kitchen will also be fully integrated with a swivel table and cabinetry designed by Italian firm Ernestomeda.

Showflat of a one-bedroom unit at One Pearl Bank - EDGEPROP SINGAPORE

Showflat of a one-bedroom unit at One Pearl Bank, showcasing the fully integrated with a swivel table and cabinetry designed by Italian firm Ernestomeda (Photo: Samuel Isaac Chua/EdgeProp Singapore)

All kitchen appliances will be from top-end Swiss brand V-Zug. From kitchen sinks to flooring and bathroom tiles, materials have been selected for their durability and ease of maintenance, says CapitaLand. The developer is providing LED lights for all units. With the “Renovation-Zero Concept”, owners can move in immediately or rent out their units upon handover without fuss.

With its completion targeted for the end of 2023, the owners of One Pearl Bank will be able to enjoy the capital upside that comes with the URA Master Plan 2019, which outlines plans to transform and rejuvenate the Central Area.

This includes the opening of the new Thomson-East Coast Line at the doorstep of One Pearl Bank; the future Singapore General Hospital (SGH) campus, which is poised to be the largest medical campus in Singapore; and the Greater Southern Waterfront, with its 10km coastal promenade and future amenities in the neighbourhood. From the Outram area, Chinatown, the CBD, Orchard Road, Robertson Quay and Tiong Bahru are all within a short drive or MRT ride.

One Pearl Bank landlens - EDGEPROP SINGAPORE

Location of One Pearl Bank, within a five-minute walk to the Outram Park MRT station and next to Pearl's Hill City Park (Source: EdgeProp Landlens)

Cheong from Huttons sees a potentially strong rental pool originating from the SGH campus in the coming years, with the influx of medical professionals. Prior to One Pearl Bank, the last new launch was about a decade ago — the 68-unit Dorsett Residences in October 2010. All units were snapped up in a day at an average price of $1,800. The project which is connected to Dorsett Hotel, was completed in 2013.

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One Pearl Bank was launched in July 2019 and is over 84% sold to date at an average price of $2,425 psf. The development has a wide range of unit types, from studios and one-bedroom units to four-bedroom units and sky villas. There are only four simplex sky villas on the 38th floor, with four bed-rooms each and sizes from 2,626 to 2,788 sq ft. Prices for the sky villas start from $8.42 million ($3,206 psf).

Meanwhile, studios start from $1.229 million, with one-bedroom units from $1.664 million, two-bedroom units upwards of $1.917 million, three-bedders starting from $2.866 million, while four-bedders are going for at least $3.437 million. Unit price starts from $2,416 psf.