Almost all the affected parties in the recently acquired Pearls Centre have accepted the compensation package offered to them. It was earlier reported that residents, shop owners and tenants in the 23-year-old building were receiving $450 million as compensation for the Government acquiring the land to make way for the upcoming Thomson MRT Line.

In a statement released on Thursday, the Singapore Land Authority said that 241 owners agreed on the payout which takes into account the market value of the property, the cost of relocation, stamp duties and legal fees for the purchase of a similar replacement property, as well as an extra payment to mitigate the financial impact of the acquisition.

The SLA said that the last two remaining owners have yet to reply, and it has extended the deadline. As for tenants, all but one have accepted the Government's terms. SLA said it would extend the deadline if the tenant had a valid reason. There is no longer any appeals from the building's owners or tenants regarding the acquisition exercise. The building is expected to be handed over to the state by August next year.

Member of Parliament for Tanjong Pagar GRC, Ms Indranee Rajah, said she was glad that the situation has worked out. Affected parties, she added, were appreciative of the increase in extra payments following several rounds of discussions. In response to feedback earlier this month, the Government dished out more money to "further mitigate the financial impact" of the exercise, although the exact amount is not known.