Singapore:
Sole marketing agent Knight Frank has put up for sale by tender, Pearlbank Apartments, a prime leasehold residential redevelopment site, with a revised pricing of $725 million. This translate to a land price of $1,314 psfppr, which includes lease top up of approximately $161.7 million and based on the potential gross floor area (GFA) of 62,699 sqm with 10% bonus GFA.
Pearlbank Apartments is a 37-storey, 99 years leasehold development elevated on Pearl’s Hill. It has a land area of 7,653 sq m (approximately 82,379 sq ft). Under the 2008 Master Plan, the land is zoned for Residential use at a plot ratio of 7.2. Built in the 1970s, Pearlbank Apartments currently comprises 280 residential apartments with unit sizes ranging from 123 sq m to 371 sq m and 8 commercial units with unit sizes ranging from 65 sq m to 523 sq m.
Its elevated location on Pearl’s Hill and proximity to Pearl’s Hill City Park give Pearlbank Apartments privacy and quietness, and yet it is within a 5-min walking distance to Outram MRT Station. The dynamic shopping scene and food eateries at Chinatown are a short distance away.
“With its elevation on Pearl’s Hill, the site offers incredible day and night unblocked views of the city skyline even for the lower level units. It is a masterpiece awaiting the discerning developers/investors creation as it is potentially an iconic landmark. Just outside its serene setting are Pearl’s Hill City Park, the Gardens-by-the-Bay, the CBD, the New Downtown at Marina Bay, the Integrated Resort, the medial hub (where Singapore General Hospital is) and Chinatown,” says Mr Nicholas Wong, Head of Investment.
The tender will close on 3 November 2011 at 3.00pm.
For further information, please contact:
Name: Nicholas Wong
Designation: Executive Director, Investment
Knight Frank Pte Ltd
DID: 6228 6800
HP: 9739 6800
Or
Name: Ian Loh
Designation: Associate Director, Investment
Knight Frank Pte Ltd
DID: 6228 6823
HP: 9687 0170