Pearl Bank Apartments sold on fourth try

The iconic Pearl Bank Apartments in Outram was sold to developer CapitaLand on Feb 13, 2018, for $728 million, in its fourth collective sale attempt over the past decade.
The iconic Pearl Bank Apartments in Outram was sold to developer CapitaLand on Feb 13, 2018, for $728 million, in its fourth collective sale attempt over the past decade. ST PHOTO: LIM YAOHUI

The owners of Pearl Bank Apartments yesterday succeeded in their fourth attempt at a collective sale since 2007.

CapitaLand is paying $728 million for the site in Outram Park, which it acquired through a private treaty collective sale. The site has a land area of 82,376 sq ft.

Depending on the size of their apartment, owners stand to receive between $1.8 million and $4.9 million.

Owners of the eight commercial units will potentially receive between $1.2 million and $6.9 million, said marketing agent Colliers International.

With the sale, the condominium's 81-year-old architect Tan Cheng Siong and other experts are now hoping that CapitaLand will conserve the iconic horseshoe-shaped building, which was completed in 1976.

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A version of this article appeared in the print edition of The Straits Times on February 14, 2018, with the headline 'Pearl Bank Apartments sold on fourth try'. Print Edition | Subscribe