One Pearl Bank sees 80% of 200 units released snapped up, Latest Business News - The New Paper

One Pearl Bank sees 80% of 200 units released snapped up

This article is more than 12 months old

80 per cent of units released sold at Capitaland's latest development

The first weekend of sales for upcoming condominium One Pearl Bank saw 80 per cent of the 200 units released being snapped up.

Real estate developer CapitaLand said yesterday that 160 units were sold as at 5pm, at an average price of $2,400 per square foot.

This is about 20 per cent of the 774 residential units in the 99-year leasehold condo, which is being developed on the site of the former iconic Pearl Bank Apartments.

Sales began last Saturday. Over 4,000 people showed up when the sales gallery opened for public viewing on July 13.

CapitaLand said the 160 units sold included studio, one-bedroom, two-bedroom and three-bedroom types. The most popular were the one- and two-bedders, which made up 56 per cent and 31 per cent respectively of the units sold. About eight in 10 of the buyers are locals.

The units range from 431 sq ft studio units to penthouses 2,788 sq ft in size. Prices start from under $1 million for a studio apartment, and more than two-thirds of the units are priced below $2 million each.

The 39-storey development, which sits on Pearl's Hill, is expected to be completed by 2023. It occupies a land area of 82,376 sq ft.

The condo will have a sheltered linkway to the upcoming triple-line Outram MRT station. All the units come with fully integrated kitchens, built-in lighting, air-conditioning, cabinetry and curtains.


CapitaLand said One Pearl Bank was the best-selling new launch in the Central Area so far this year based on data from the Urban Redevelopment Authority's Real Estate Information System.

But the figures drew mixed reviews from analysts, with one saying he was disappointed given the attractive pricing and included furnishings.

Savills Singapore research head Alan Cheong said the sales rate of 20 per cent of the total units was below market expectations. But Cushman & Wakefield's head of research for South-east Asia Christine Li said it was encouraging given that the price point was towards a more high-end product.

"The timing is good as the dust has settled, post-cooling measures," she added.

Mr Ronald Tay, chief executive of CapitaLand Singapore, Malaysia and Indonesia, residential and retail, said the positive response "points to the continued market demand for well-appointed homes in prime District 3".

He added: "We are confident the project's iconic status and excellent attributes will continue to attract interest from prospective home buyers."