Outram Park’s iconic Pearl Bank Apartments have been sold in a $728 million deal. The buyer, CapitaLand, was proud to announce its first residential land acquisition in Singapore since it last purchased a sales site that belonged to the government. The acquisition was in Bukit Timah, and CapitaLand is currently developing the Victoria Park Villas at the location.
The sale has proven to be a very profitable venture for all those involved in the Pearl Bank Apartments. The owners of apartments, which happened to number 288 in total, are set to make between $1.8 million to $4.9 million per apartment. The apartments range in size from 1,323 sq ft to 3,993 sq ft. Furthermore, the eight commercial units that ranged in size from 700 sq ft to 5,630 sq ft, are set to net anywhere between $1.2 million and $6.9 million. All the figures have been provided by marketing firm Colliers International.
The Deal
The deal was completed early morning on the 13th of February. And according to the chief executive officer of CaptiaLand, Singapore is bound to see a large number of such land acquisitions in the near future. Tzhey wish to make full use of the declining investment in residential land, and help see the residential market see an upturn. The deal that took place met the demands of the owners of Pearl Bank Apartments, which basically amounted to $1,515 per every sq ft. This price is strictly per plot ratio. CapitaLand also had to pay a $201.4 million premium in order to start of a 99 year old fresh lease.
According to CapitaLand’s executives, the deal suits them perfectly. They claim to have found the perfect price for the place. According to the CEO of CapitaLand, they only wish to invest at a reasonable price in the best places possible. So by their perspective, they have the best deal they could possibly hope for concerning such an iconic building.
With Outram going to see a huge surge in health facilities and other domestic facilities in the next 20 years due to the investment of SingHealth. With CapitaLand’s investment in the huge horse-shaped structure, a clear sign of intent and investment has been delivered to every single onlooker. By becoming a major medical research hub in the next two decades, along with multiple developmental and commercial projects launched, this deal between CapitaLand and Pearl Bank seems to be a huge landmark for Singapore.
So do not be surprised if you see Outram quickly developing into one of Singapore’s most desirable areas and also one of its busiest. Outram is bound to become notorious fairly soon.
http://www.straitstimes.com/business/property/iconic-pearl-bank-apartments-sold-for-728m-to-capitaland
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