A link will be created between Fort Canning Park and Pearl Hill’s City Park via the Singapore River for a well connected and more accessible social and leisure space to boost liveability.
The planned rejuvenation of Pearl Hill’s City Park into a transformed social and communal space elevates the quality of city living with plenty of lush greenery to indulge. There should be an increase in healthy demand by home seekers that desires the coveted city fringe location well connected with nature in a place like One Pearl Bank.
The nearby mixed-use development, People’s Park Centre at Upper Cross Street is attempting for an en bloc sale with a reserve price of $1.35 billion. As the possible first collective sale attempt in Chinatown, the future redevelopment of Chinatown hinges on this deal. If successful, the entire area should see an increase in property value.
According to Ronald Tay, CEO of CapitaLand, One Pearl Bank is targeted at urbanites who covets a home in a mature estate. The location of One Pearl Bank fit the needs of an urbanite’s lifestyle in 3 ways: 1) Excellent connectivity with public transportation; 2) Close proximity to a central business district workplace; and 3) A host of dining and entertainment readily available at Chinatown, Keong Saik, Tiong Bahru enclave, Fort Canning vicinity and the Civic Districts.
The strong location attributes at One Pearl Bank helps maintain a sustainable rental and resale demand pull-factor from urbanites who habitually commutes for work in the CBD and the Medical hub.
One Pearl Bank Price
CapitaLand acquired Pearl Bank Apartments for $728 million at a collective sale on 13 February 2018 which translates to a land cost of S$1,515 per sq ft per gross floor area.
Prices start from under S$1 million for city-center apartments with panoramic views; tallest residential development in Singapore’s prime Outram district. With studio apartments (about 430 sqf) priced from S$1.0m and 1-bedroom/2-bedroom units from S$1.3m and S$1.9m respectively, CapitaLand is positioning for the development to reach out to a good mix of potential investors and families who are looking for a luxury home close to the Central Business District (CBD).
Latest Update: ONE Pearl Bank, the 99-year leasehold condo by CapitaLand, sold 160 units at an average price of S$2,400 per square feet (psf) over the launch weekend.