Pearl Bank Apartment By Sengkang (Own work) [GFDL (http://www.gnu.org/copyleft/fdl.html)
A collective sale committee has been formed by the owners of Pearl Bank Apartment in what is their fourth attempt at en bloc sale. The committee is asking for a reserve price of $728 million and if the sale is successful, each owner can expect to pocket about $2.6 million.
Sale of the 288-unit, 38-storey apartment will only proceed if at least 80% of the owners give their approval within the year. Mr Alex Poh, committee chairman, is positive of garnering enough votes as they had successfully done so in their previous attempts at collective sale in 2007, 2008 and 2011.
Pearl Bank Apartment was completed in 1976 and during its time, was the tallest building standing in Singapore. Back in 2015, a proposal was submitted to the Urban Redevelopment Authority (URA) to gazette the building but that fell through as the 90% owner approval that the liaison committee secured was short of the 100% required by the URA in order to have the building conserved.
The collective sale committee hopes to gather the required number of signatures for the en bloc sale to go through within the next few months as they expect to launch the site for tender in the 4th quarter of 2017.