10 Jul '17, 5am

Pearl Bank Apartments makes 4th collective sale attempt

View of Pearl Bank Apartments in Outram. (Photo: Wikimedia Commons) The owners of Pearl Bank Apartments in Outram are once again trying their luck at a collective sale, appointing Colliers International and Lee and Lee as marketing agent and law firm for the en bloc process respectively, reported Channel NewsAsia . With a site area of 82,376 sq ft and a plot ratio of 7.2, Pearl Bank Apartments comprises eight commercial units and 280 residential units. Although it was built in 1976, the 99-year leasehold property only has 52 years left on its lease since its tenure began in 1970. The iconic horseshoe-shaped building was put up for collective sale three times – in 2007, 2008 and 2011 – but had no takers. Efforts to gazette it as a conserved building in 2015 also failed as the liaison committee did not secure 100 percent consent from the owners. For its fourth attempt, the p...

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

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