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Emphasis on community as One Pearl Bank condo goes on sale

SINGAPORE — CapitaLand’s new 774-unit condominium One Pearl Bank is open for preview on Saturday (July 13), with bookings from July 20. Prices for studio apartments will start from S$970,000, and one-bedders will cost at least S$1.1 million.

A model of One Pearl Bank condominium at a media preview ahead of bookings for the project on July 20, 2019.

A model of One Pearl Bank condominium at a media preview ahead of bookings for the project on July 20, 2019.

SINGAPORE — CapitaLand’s new 774-unit condominium One Pearl Bank is open for preview on Saturday (July 13), with bookings from July 20. Prices for studio apartments will start from S$970,000, and one-bedders will cost at least S$1.1 million.

The new property, at 178m above sea level, will be the tallest in the Outram Road area when it is completed in late 2023.

It will replace the iconic horseshoe-shaped Pearl Bank Apartments, which is still standing in Chinatown. Pearl Bank Apartments, built in 1976, was sold for S$728 million in February last year.

The “C-shape” of the building was meant to represent community, but developer CapitaLand is keen to emphasise that the new project will boast plenty of communal features, too.

Community is the reason it has decided to incorporate a communal kitchen into One Pearl Bank’s top floor, and it is setting aside 18 1m-by-1m allotment plots on every four floors, for residents to take over and grow their own produce, the developer said.

The garden plots are a response to the wildly popular public allotment gardens, built at various parks around Singapore, which have been snapped up each time the National Parks Board opened them up for subscription at S$57 a year.

The communal kitchen will include appliances, and will be built alongside alfresco dining areas, function rooms and a “social lounge” — all located on the top deck, which will be 10 storeys taller than the top of the existing Pearl Bank Apartments.

Some people felt a sense of loss and others wanted the uniquely shaped building to be conserved when Pearl Bank Apartments was sold en bloc for S$728 million in February 2018. TODAY file photo

To add to the communal theme at the new condo, terraces on its 14th and 18th floors will house an amphitheatre and outdoor lounge areas for social gatherings.

These attributes were highlighted at a media preview ahead of Saturday’s launch of One Pearl Bank’s sales gallery — located next to the site of the Pearl Bank Apartments, which has not been torn down yet.

CapitaLand also unveiled indicative prices for the project.

A 431sqf studio apartment will go for S$970,000 onwards. A one-bedroom unit will cost at least S$1.1 million; a two-bedroom unit at least S$1.5 million; a three-bedroom unit at least S$2.5 million; and a four-bedroom unit with an area of 1,399sqf to 1,432sqf will fetch at least S$3.5 million.

These are “renovation-zero” apartments that will be ready for immediate occupation “like what you would see in a service apartment”, once they are ready for vacant possession, a CapitaLand spokesperson told reporters.

This would be popular for investors looking to rent out the units “in the shortest time possible”, she noted, adding that apartments would be furnished with a full suite of luxury Swiss-made V-Zug appliances.

A viewing gallery for One Pearl Bank apartments. Photo: Najeer Yusof / TODAY

One Pearl Bank will have four penthouses on the highest residential floor, the 38th level, each with an area of between 2,626sqf and 2,788sqf. The prices of these units will be announced at a later date.

Last February, members of the public voiced a sense of loss when the 288-unit Pearl Bank Apartments was sold en bloc for S$728 million.

At the sales gallery, CapitaLand representatives are looking at highlighting One Pearl Bank’s commanding views. Two viewing galleries had been set up on the 28th floor of the Pearl Bank Apartments building to showcase its panoramic views.

Mr Ronald Tay, chief executive officer of CapitaLand Singapore, Malaysia and Indonesia, who also spoke to reporters on Thursday, said that the units are “attractively priced” for urbanites looking to own a home in a mature estate. About two-thirds of the units will be sold for less than S$2 million, he noted.

Prices are, however, still “very indicative at this point in time”, he stressed, adding that CapitaLand is still “watching the market”.

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