SINGAPORE: Pearl Bank Apartments has been sold for S$728 million to CapitaLand through a private treaty collective sale, marketing agent Colliers International announced in a news release on Tuesday (Feb 13).
The sale of the iconic horseshoe-shaped building at Outram comes after the close of its collective sale tender on Dec 19 last year – its fourth attempt at a collective sale.
The sale price – which met the owners’ reserve price – translates to a land cost of about S$1,515 per square foot per plot ratio, said Colliers International.
This is after factoring in an upgrading premium of approximately S$201 million for the lease top-up. There is no development charge payable.
The 37-storey development comprises 288 units (280 apartments and eight commercial units) and has a 99-year leasehold tenure with effect from June 1970.
Apartment owners whose unit sizes range from 123 sq m to 371 sq m stand to receive between S$1.8 million and S$4.9 million.
Owners of commercial units with sizes ranging from 65 sq m to 523 sq m will potentially receive between S$1.2 million and S$6.9 million.
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