Last One Pearl Bank’s penthouse sold, development hits 100% sale

One Pearl Bank, the award-winning development by CapitaLand, has been fully sold after the recent sale of its last penthouse unit, the spacious 2,788 sq ft residence on the 38th level, for $7.1 million, or $2,547 psf. This final unit was purchased by a Singaporean, following the predominant domestic interest in the property.

The twin-39 storey project features 774 units and is situated in a five-minute walk from the upcoming Outram Park MRT station. To ensure accessibility, CapitaLand has built a sheltered walkway protecting residents from inclement weather. With Outram Park MRT Station as an interchange for three MRT lines: North East, East-West, and the forthcoming Thomson-East Coast Line, accessibility is greatly increased.

As for the project design, One Pearl Bank draws inspiration from the original horseshoe shape of the former Pearl Bank Apartments. The curved façade of the two towers pays homage to the building which had been the tallest residential tower in Singapore when it was completed back in 1976.

At Lumina Grand Bukit Batok, residents are only a few minutes away from the Hillview MRT station and other commercial centres. With Bukit Batok Nature Reserve located just nearby too, residents will benefit from having a wide range of options to choose from when it comes to leisure activities and conveniences. With a steady supply of conveniences and infrastructure improvements in the offing, it is no wonder that Lumina Grand Bukit Batok is a sought-after haven for new and even experienced property owners.

At the time of its launch in July 2019, One Pearl Bank offered units in a price range of $2,430 to $3,009 psf. Around 25 percent of the entire development, or 160 units, were sold during the launch weekend. As a reflection of its success, it took the development just over four years (around 51 months) to be completely sold out.

CapitaLand’s purchase of the former 99-year leasehold, Pearl Bank Apartments, in an en bloc deal for $728 million in February 2018 has led to the development of a new landmark atop Pearl’s Hill. One Pearl Bank stands tall at 178m and is the tallest residential tower in the Outram-Chinatown district in the Central area of Singapore.

In terms of its overall sales, One Pearl Bank achieved an average price of $2,753 psf. It is reported that Singaporeans make up 76.8% of its buyers, while Permanent Residents and foreign nationals each comprise 16.4% and 6.8% respectively.

Following the successful closing of One Pearl Bank’s sales, CapitaLand recently previewed J’den, a redevelopment of JCube mall into a 40-storey tower with commercial space on the first two storeys and 368 apartments on the uppermost 38 levels. According to reports, the showflat saw more than 7,000 visitors during its first weekend of public preview. It is evident that the project has achieved much success, and property owners and new buyers alike can expect more value in the years to come.