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Pearlbank Apartments' owners cross 80% mark, asking for S$728m in collective sale
OWNERS of Pearlbank Apartments has crossed the requisite consensus to launch a fourth collective sale attempt of the iconic horseshoe-shaped building at Outram.
The owners' reserve price of S$728 million translates to a land cost of S$1,505 per square foot per plot ratio (psf ppr), after factoring in an upgrading premium of about S$195 million for the lease top-up. There is no development charge payable.
Colliers International, the sole marketing agent for the collective sale, said on Monday that preparations for the launch of a tender exercise are underway and the appointed solicitors, Lee & Lee, are conducting the necessary legal verification. The launch date will be announced after the expiry of the five-day cooling-off period.
The iconic building is located on elevated grounds amid the lush greenery of Pearl's Hill City Park, and is next to Outram Park MRT Interchange and the Central Expressway.
It comprises 37 storeys with 280 apartments and eight commercial units, and sits on a land area of 7,653 sq m (about 82,376 sq ft). The development has a 99-year leasehold tenure from June 1970.
While the development has a gross plot ratio of 7.2, under the 2014 Master Plan, it has an existing gross plot ratio of 7.4479. The site has the potential to be re-developed into a residential development with a total gross floor area of 613,530 sq ft or 730 new residential units with an average size of 800 sq ft, subject to approval from the relevant authorities.
The apartment owners, whose unit sizes range from 1,323 sq ft to 3,993 sq ft, stand to receive minimum gross prices of between S$1.8 million and S$4.9 million.
The commercial owners can potentially receive S$1.2 million to S$6.9 million; their unit sizes range from about 700 sq ft to 5,630 sq ft.
Alex Poh, chairman of the collective sale committee said that it has taken owners less than four months since July 8 to achieve the necessary signatures, which is significantly faster than the previous rounds. "The owners understand that it is time to sell given the age of the property and hence have shown great commitment to ensuring a smooth and quick process."
The tender for Pearlbank Apartments is expected to launch in two weeks' time and to close before the end of the year, Colliers said.