CapitaLand Acquires Pearl Bank Apartments for S$728m
Singapore’s infamous landmark horse-shoe shaped Pearl Bank Apartments located near Outram Park MRT station will be torn down for redevelopment following acquisition by CapitaLand in a S$728 million collective sale.
This marks CapitaLand grand reentry into the residential game with plans to build a new 800-unit residential on a site on top of a hill. The new potential luxury condominium could rival Wallich Residences with an asking close to $3,000 psf.
Due to limited supply of new condo in the Outram Park area, this new luxury development will attract potential home owners looking to live near to their workplace and also investors looking for high rental yield.
The transaction price is noticeably lower than recent sites won in the vicinity, like Jiak Kim Site at $1,733 psf, which are priced marginally lower but are located further away from the central business district (CBD).