CapitaLand Limited has acquired the centrally located Pearl Bank Apartments through a private treaty collective sale for S$728 million.
In a press statement, the sale price, with an additional lease top-up premium estimated at S$201.4 million payable to the state to top-up the lease to a fresh 99 years, translates to a land price of approximately S$1,515 per square foot per gross floor area.
The prime site atop Pearl’s Hill in Outram Park has a land area of 82,376 square feet (sq ft), with an existing plot ratio of 7.45. Subject to conditions precedent, CapitaLand states that it plans to redevelop the site into a high-rise residential development comprising around 800 units with a host of social, shared facilities which will foster community spirit and celebrate the area’s unique heritage.
According to the company which has its majority shares held by Temasek Holdings, every unit will enjoy unblocked panoramic views extending from the Central Business District (CBD) to Sentosa as the site is perched on elevated ground.
The development will offer a coveted city-fringe address steps away from the cultural hub of Chinatown and the lush greenery of Pearl’s Hill. It will also have excellent connectivity being minutes’ away from Outram MRT Station, a triple-line interchange station, and two highways, namely Central Expressway and Ayer Rajah Expressway.
It notes that the Outram precinct will also be transformed into a healthcare, wellness and research hub – Singapore General Hospital Campus through a 20-year redevelopment plan by healthcare group SingHealth.
“We look forward to creating yet another architectural icon in Singapore by reinvigorating the area with a unique design – one which will blend modern aesthetics and heritage elements to reflect the rich, multifaceted culture of Chinatown,” he said.
Mr Ronald Tay, CEO of CapitaLand Singapore, said, “Our upcoming residential development offers a rare opportunity for young urbanites to own a home in a mature estate brimming with local culture and heritage. Targeted for completion by early 2023, right after the opening of the third MRT line in Outram, the Thomson-East Coast line, the commute from the development to Shenton Way, Marina Bay and Orchard will be even more convenient for residents.
“With Singapore’s largest healthcare hub in Outram, we also foresee strong demand from medical research and education professionals,” he added.