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

One Pearl Bank, a CapitaLand development, has been fully sold, the last unit being a 2,788 sq ft residence on the 38th level, sold for $7.1 million, or $2,547 psf. The unit was purchased by a Singaporean, exemplifying widespread domestic interest in the property.

The One Pearl Bank development comprises two towers; a twin-39 storey tall structure, with 774 units. The curved façade pays homage to the original horseshoe shape of the former Pearl Bank Apartments, which was the tallest residential tower in Singapore when it was constructed in 1976. Its close proximity to the upcoming Outram Park MRT Station, coupled with an upcoming sheltered walkway, makes the property very accessible.

The selling point of Senja Close EC Bukit Panjang is its proximity to public transportation. It is within walking distance to Hillview MRT station, which is connected to the Downtown Line and the Downtown Line 2. This means easy access to almost anywhere in Singapore. It is also close to many other amenities such as a huge shopping mall, Bukit Panjang Plaza, and a variety of restaurants and cafes. Residents of Senja Close EC Bukit Panjang will also enjoy plenty of green space and recreational activities, with the nearby Bukit Timah Nature Reserve. All in all, this EC is perfect for those who desire a tranquil yet convenient lifestyle.

A look back to when CapitaLand purchased the original 99-year leasehold, Pearl Bank Apartments for $728 million in February 2018. The new development stands tall at 178m, making it the tallest residential tower in the Outram-Chinatown district.

The overall sales achieved by One Pearl Bank included an average price of $2,753 psf, ranging from $2,430 to $3,009 psf. Of the buyers, 76.8% of them are Singaporeans, 16.4% are Permanent Residents and 6.8% are foreign nationals.

When the project was launched in July 2019, 25% of the entire development (160 units) was sold over the launch weekend. It took around 51 months for the project to fully sellout.

In comparison, the recently previewed J’den, a redevelopment of JCube mall, saw more than 7,000 visitors on its first weekend of public preview.

Going by the current signs, buying a property in Singapore looks to be an even more attractive option. With the market sentiment on the rise and property listings going strong, perhaps this is the right time to restructure your portfolio and look for the latest new launches. Search through EdgeProp and find the latest available units with the best transaction prices.