24 Apr '14, 11am

Pearl Bank residents look to conservation - Property Auctions News, Property Investment

After failing to go en bloc three times, the owners of Pearl Bank Apartments (pictured ) plan to get a conservation order to attract a developer to rejuvenate the property, media reports said. The management committee plans to ask the Urban Redevelopment Authority (URA) to increase the 38-year-old building’s gross floor area (GFA), which has been maximised at 55,102 sqm, or a plot ratio of 7.2. The move will enable the building’s owners to transform an area occupied by a five-storey carpark into a 27-storey residential block of about 15,000 sqm. The new block will feature a swimming pool, rooftop garden and a bridge that will connect it to a common space on the 28th floor of the existing block. Moreover, the owners plan to ask the Singapore Land Authority for an extension of the 99-year lease. “Once our gross floor area is increased, we’re going to raise capital by selling...

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

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