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PROPERTY HOTSPOT: Pearl Bank Apartment

By Tan Chee Yuen

/ URA, The Edge Property |

August 20, 2015 6:28 PM SGT

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Pearl Bank Apartments is a 38-storey residential development built in 1976 featuring an iconic horse-shoe architecture. Nested on top of Pearl’s Hill, it is within a short walking distance from Outram Park MRT station. Owners of the development are seeking a conservation status for the building and to lift the GFA limit so a new residential block can be added on the site. The extra GFA can then be sold to developers and the proceeds used to rejuvenate the ageing building.

The merits of the location include Pearl’s Hill City Park, Peral's Hill conservation area and historic shophouses along Bukit Pasoh Road, Keong Saik Road and Kreta Ayer Road. Pearl’s Hill conservation area is home to Upper and Lower Barracks built in the 1930s to house the Sikh Contingent of the Straits Settlement Police. Separately, the conservation shophouses have been converted into boutique hotels as well as trendy F&B outlets and pubs.

What’s available near Pearl Bank Apartments?

As an overview, there are more than 20 private condominiums (excluding those more than 20 years old but including recently launched ones) within 1km radius. Among our selected projects, the average price ranges from $1,169 psf (The Quayside) to $2,162 psf (Spottiswoode Residences). Rental yields were generally range between 2.8% and 4.4%.

The highest transacted price over the past six months was a 1,582 sq ft unit at Watermark Robertson Quay which sold for $2,280,000 ($1,441 psf). For the same period, the most affordable transaction was for a 388 sq ft unit at Spottiswoode 18 which changed hands at $765,000 ($1,974 psf).

What’s recently transacted?

Recently concluded resale transactions include River Place (818 sqft unit sold for $1.1M) and The Quayside (1,711 sqft unit sold for $2.0M) (see Table).

Table below only shows the 10 latest transactions, which are generated through our professional analytic tool on theedgeproperty.com. The tool is available for registered users. To find out more or to register, please write in to propertyeditor.sg@bizedge.com

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