Finally, after various failed attempts for more than 10 years, Pearlbank Apartments’ collective sale reached its completion on Ist of November which was celebrated with a big bang on November 05, divulged by Colliers International marketing agent.
The emblematic horseshoe-shaped development located right in the peaceful place of Outram was sold for a competitive price of $728 million to the prestigious CapitaLand last February 2018 via private agreement, after the closing of the en bloc tender December 19, 2017. The sale order given by the Strata Titles Board was secured in August.
“Over a year, we exerted efforts tirelessly along with the private owners, hanging with the course in spite the endless odds encountered which covers the launching of Pre-Application Feasibility Study over the effect on traffic caused by the en bloc residential developments as much as the prices expectation amidst market unpredictability. We are proud to at least surpassed the different challenges and still delivered the most efficient output to the owners,” told Tang Wei Leng, the managing director of Colliers International.
Consisting of 288 units which mean, 8 commercial units and 280 apartments, thee skyscraper 37-storey property development occupies a 7,653 sq m areas. It stood close to the central business hubs and busy Chinatown.
Cecilia Seet, the executive head of Pearlbank Apartments of MCST or Management Corporation Strata Title said, ” Pearlbank Apartments will forever be the apple of our eyes because of its mind-blowing hilltop location plus its mesmerizing panoramic views. The site has a positive Feng Shui and appealing. The owners who look for tenants can surely find one on the same day. Adding to that, there are plenty of maintenance concerns arising over the ageing building and the best option would be redevelopment.
In concurring, the resident Jennifer Lim revealed the completion over the market sale is just timely provide that the property is aged already and has water leakage and other maintenance issues.”
Lim further added, ” Just like with many other residents, I have a heavy heart leaving this place which I invested a lot of sweet memories. I will surely miss its tranquillity, the greeneries and the comfort it gave despite being in the middle of bustling Chinatown. However since the property is depreciating and for retirees just like me, I opted to a smaller unit that it syncs with my capability in cleaning and keeping it organized.
” Perhaps it would never be easy finding again a similar property such as the Pearlbank Apartments. I believed a lot of homeowners would be interested to buy new unit if the new project at Pearlbank would be ready in the coming days.”