Image by By Mokkie (Own work) [CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)], via Wikimedia Commons
The owners at Pearl Bank Apartments are gearing up to launch a tender exercise to put the iconic building up for en bloc sale for $728 million. This works out to about $1,404 psf per plot ratio for the 82,376 sq ft property. In addition to the asking price of $728 million, a premium of $195 million is payable to top up the lease.
Pearl Bank Apartments is comprised of 280 apartment units and 8 commercial units. In the 1970s, it was Singapore’s highest residential complex, standing tall at 37 storeys. The owners’ previous attempts at selling the property collectively were in 2007, 2008 and 2011 but those fell through as they did not garner any attention from buyers.
With the reserve price of $728 million, each apartment owner can stand to pocket $1.8 million to $4.9 million while each commercial unit owner can expect to receive $1.2 million to $6.9 million. The tender for the en bloc sale of Pearl Bank Apartments will launch in mid-November and close by the end of 2017.
Find out more at the Business Times website
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