One Pearl Bank hits new high of $2,959 psf

August 5, 2022

The sale of a one-bedroom unit at One Pearl Bank, located in District 3’s Outram area, fetched the highest price on a psf basis recorded between July 12 and 24. The 99-year leasehold unit, which measures 560 sq ft and is located on the 36th floor, was sold by developer CapitaLand on July 13 for $1.66 million, or $2,959 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, NorthEast and Thomson-East Coast Lines. The condo is also within close proximity of the Singapore General Hospital Campus within the Outram estate.

Based on caveats lodged, 40% of units at One Pearl Bank have been sold to date at an average price of $2,424 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.

Another development that saw a new psf-price high is Peak Residence, located along Thomson Road in the Novena area in District 11. A one-bedder measuring 560 sq ft was sold by developer Tuan Sing Holdings for $1.61 million ($2,872 psf) on July 24. The unit sold is located on the fifth floor.

Peak Residence is a freehold development with 90 apartments spread across three low-rise blocks. Units comprise a mix of one- to four-bedders, with sizes starting from 528 sq ft and going up to 1,389 sq ft.

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