One Pearl Bank hits new high of $2,891 psf

May 12, 2022

SINGAPORE (EDGEPROP) - In the week of April 22 to 30, the highest transaction recorded on a psf basis was for a one-bedroom unit at One Pearl Bank, located in the Outram neighbourhood of District 3.

The 99-year leasehold unit, which measures 560 sq ft, was sold by developer CapitaLand on April 30 for $1.62 million, or $2,891 psf.

One Pearl Bank comprises two 39-storey residential towers that are linked at the roofs via sky bridges. There are a total of 774 units comprising a mix of one-, two-, three- and four-bedders, with sizes ranging from 430 to 2,800 sq ft.

Slated for completion in 2023, One Pearl Bank is a three-minute walk via a sheltered walkway to Outram Park MRT station, which is an interchange for the East-West, North-East and Thomson-East Coast lines. The condo is also within close proximity to the Singapore General Hospital (SGH) Campus within the Outram estate.

Other nearby amenities include eateries in Chinatown along Keong Saik Road, together with food centres and wet markets such as Tanjong Pagar Market & Centre, Maxwell Food Centre, Amoy Street Food Centre and Tiong Bahru Food Centre.

Based on caveats lodged, 80% of units at One Pearl Bank have been sold to date at an average price of $2,418 psf since the project’s launch in July 2019.

The project is a redevelopment of the former Pearl Bank Apartments, which was considered Singapore’s first high-rise residential building when completed in 1976. It was purchased en bloc by CapitaLand for $728 million in February 2018.

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