Pearl Bank Apartments is one of Singapore’s fore bearer of high-density and high rise living in the Outram area of Singapore. Built in 1976, this 38-storey tower has hit rock bottom when it failed to get the full support of residents for its preservation with 90 out of 100 percent required of residents yielding to the plan, reported by Channel News Asia. Pearl Bank Apartments was put up for en-bloc in the market in 2007, 2008 and 2011 but there were no takers.
Dr Lee Seng Teik, Chairman of the Liaison Committee said that they tried. “We have failed on each occasion, so what is it that we can do because this is an ageing building.” With the deadline set by the end of October 2015, efforts from the liaison committee of the building was extended requesting for a comprehensive review of the sought after approval criteria.
Attempt to save its preservation pushed the committee further to seek for a conservation status that will allow its owners to sell additional floor areas to property developers. “How do we make sure it doesn’t degenerate further, because we have to pay a lot of costs with an old building?” Dr Lee Seng Teik asked. The funds will be allocated for the restoration works of the horseshoe-shaped apartment building.
Executive Director for Research and Consultancy at SLP International Property Consultants, Nicholas Mak feared that the pursuit to preserve this multi-strata development will ignite older developments to follow the lead. He stated that once conservation status is given to the building, en-bloc sale will become more difficult. Once this happens, other old leasehold developments will ask for the same extension and it will all spiral back down to how Pearl Bank Apartments is mediated.