Tuesday, March 15, 2011

Enbloc news: Pearl Bank Apartment - Take 3!

According to a ST report today, owners of units at the distinctive Pearl Bank Apartments near Chinatown are making their third attempt to pull off a collective sale.

The 280-unit development has an estimated price of $750 million. That was the price the owners rejected as too low when they tried to sell enbloc in 2007. Another deal launched in 2008 also fell through.

If the $750 million sale is achieved this time, owners of each 1,324sqft two-bedroom apartment would reap about $1.81 million – or $1,367psf – for their units, while the 3,993sqft penthouses would fetch up to $4.8 million each. That is a price of about $1,202psf.

Market rates are much lower. A 2,185sqft apartment in the 38-storey estate sold for $2.1 million, or $952psf, in January, while a 463sqft flat in nearby People’s Park sold recently for $488,000 or $1,054sqft.

The ageing 99-year leasehold project has 65years of its lease left. It has a built-up plot ratio of 7.4, with a maximum gross floor area of 613,000sqft. This plot ratio could yield more than 500 apartments of 1,200sqft.

The building has been hailed as one of Singapore's architectural landmarks, and the URA said members of the public have asked for the horse-shaped building to be conserved.

While searching for a downloadable photo of Pearl Bank Apartment for this post, the wife and I have discovered that there are some very negative sentiments amongst owners about the collective sale process. Take a look for yourself...



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