The 280-unit Pearl Bank Apartments near Chinatown is planning to pull off its third collective sale, with an indicative price of S$750 million.
If the S$750 million sale is completed this time, owners of the two-bedroom units will gain approximately S$1.81 million each, while penthouse owners willget up to S$4.8 million each.
With 65 years left on its lease term, the 99-year leasehold project has a maximum gross floor area (GFA) of 613,000 sq ft and a built-up plot ratio of 7.4, which could generate up to 500 apartments of 1,200 sq ft each.
“It is unlikely that developers will take into account any sentimental value when deciding how to redevelop the building,” said Mr. Ashvinkumar Kantilal, President of the Singapore Institute of Architects.
Dr. S.T. Lee, Chairman of Pearl Bank of Management Committee, said that although he would like to see the building conserved, keeping it could cost millions of dollars.
“It’s difficult to get a loan to buy a unit in such a mature development. Holding on to Pearl Bank means the owners will not be able to realise the value of their homes,” he said.
“If the URA can give some help with the topping up of the lease, preserving the building might be an option I would consider.”