Tuesday, April 12, 2011

Pearlbank up for sale with $750m tag

(SINGAPORE) Pearlbank Apartments, a 99-year leasehold development on Pearl's Hill near Chinatown, has been launched for collective sale with a $750 million price tag.

This is the third time that the 37-storey development has been put up for en-bloc sale.

The site was last marketed in 2008 with the same price tag, but there were no takers then.

The asking price translates to a land price of $1,495 per square foot per plot ratio (psf ppr), including an estimated charge of $167.2 million to top up the lease to 99 years. There is no development charge payable for the site.

Built in the 1970s, Pearlbank Apartments has a potential gross floor area of about 613,530 sq ft. The project currently comprises 280 residential apartments and eight commercial units.

The successful developer can build around 500-520 new homes on the site, assuming an average unit size of about 1,200 sq ft, said Nicholas Wong, head of investment at Knight Frank. Knight Frank is marketing the development.

The site has a land area of about 82,379 sq ft. Under the 2008 Master Plan, the land is zoned for residential use with a 7.2 plot ratio.

'With its elevation on Pearl's Hill, the site offers fantastic day and night unblocked 360 degree views of the city skyline even for the lower level units. It is a hidden gem in the city, offering developers an opportunity to reshape the skyline,' Mr Wong said.

The site is also next to the Outram Park MRT station, he added.

If the asking price is met, owners of the 280 apartments will walk away with between $1.8 million and $4.9 million per unit, while owners of the eight commercial units will get between $1.2 million and $6.9 million per unit.

The tender for the site will close at 3pm on May 25.

Pearlbank Apartments is one of the largest collective sales sites to be marketed so far this year. The tender for the $1.7 billion collective sale of Pine Grove - the largest en-bloc site to be put up for sale in Singapore - is due to close on April 19.

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