30 Oct '17, 8am

Pearlbank Apartments tries to en bloc again at $728 million

The 37-storey horse-shoe shaped building comprises 280 apartments and eight commercial units. (Photo: Colliers International) Pearlbank Apartments in Outram is making its fourth collective sale attempt at a reserve price of $728 million, after more than 80 percent of the owners consented to the sale, marketing agent Colliers International said on Monday (30 October). The price translates to a land cost of about $1,505 psf per plot ratio, inclusive of an upgrading premium of $195 million for the lease top-up. There is no development charge payable. Located on Pearl’s Hill next to Outram Park MRT interchange, the 37-storey horseshoe-shaped building comprises 280 apartments and eight commercial units. It sits on an 82,376 sq ft site and has a 99-year lease with effect from June 1970. The apartment owners, whose unit sizes range from approximately 1,323 sq ft to 3,993 sq ft, s...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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