Pearl Bank to make fourth try to sell en bloc, Latest Business News - The New Paper

Pearl Bank to make fourth try to sell en bloc

This article is more than 12 months old

The collective sales rush continues with one estate about to makes its fourth attempt, another inching towards the green light from owners while a third hits the market today.

The most immediate candidate is How Sun Park, a freehold property in How Sun Road and near the upcoming Bidadari township.

It is released for sale today with an asking price of $78 million. The tender closes on Nov 28.

Pearl Bank Apartments in Outram will go on the market in two weeks in what will be its fourth attempt in 10 years.

Its asking price of $728 million could also reap owners a huge premium over the market values.

The 660-unit Pine Grove near Ulu Pandan Road has begun collecting signatures for the 80 per cent mandate after about half of the owners at the former Housing and Urban Development Company estate voted in favour of the collective sale agreement on Sunday.

They want to launch a collective sale - their third attempt - with an asking price of at least $1.63 billion.

That price tag would easily eclipse the record $1.34 billion reaped by the 618-unit Farrer Court in 2007.

There will be much interest around Pearl Bank given its location near Pearl's Hill City Park, Outram Park MRT and the Central Expressway, and its potential as a redevelopment site.

The 280 apartment owners, whose unit sizes range from 1,323 sq ft to 3,993 sq ft, stand to receive between $1.8 million and $4.9 million.

At How Sun Park, a 20-townhouse property near Bartley MRT station, the possible gains are substantial.

Each unit owner could get at least $3.9 million compared with $1.9 million if they sell on the open market, said Mr Sieow Teak Hwa, managing director of marketing agent Teakhwa Real Estate.