CapitaLand unveiled a NEW 39-storey condominium and it is to be named One Pearl Bank!
It features two curved towers, which looked very sleek, unlike the circular shape of its predecessor.
The two towers are connected by a "halo" sky bridge that will light up like a beacon at night.
If you look at the image above, its right at the top of the building...
imagine jogging there at the sky bridge,
High up in the clouds looking at CBD and pearl's hill...
Rich History of Pearl Bank
Pearl Bank Apartments was the tallest residential building in Singapore when it was completed in June of 1976.
There had been a strong conservation effort and multiple efforts to rally against any en-bloc attempts.
From my rough memory, they had 2 or 3 previously failed en-bloc attempts.
But in Feb2018, CapitaLand finally bought it for $728m, which is S$1,515 per square foot per plot ratio.
Fantastic Location Of "One Pearl Bank"
This project sits on the fringes of CBD. Fairly near to Tanjong pagar for an expat working there.
SGH and it's surrounding healthcare centres are going to a major tenant contributor in the years to come.
There are 2 MRT lines now (NEL and EW) with a Thomson-East Coast line coming up soon.
Absolutely fantastic in location wise!
IMO, a comparable project would be Spottiswoode Park Residences. (Link for propertyguru prices)
Spottiswoode Park Residences is near but not as ideal in location.
Prices there is slightly cheaper at $1,800+PSF for a 2014 completed project. That is freehold but "One Pearl Bank" is 99y.
Rent for Spottiswoode Park Residences 1BR is about $2,800/month which translates IMO to a nett yield of about 2.7%p.a
Project Tentative Pricing And Other Details
I was focusing on the 1-bedder units for investment considerations. It would be stack 9,10,17,20,21.
Stack 9 and 10 facing the swimming pool caught my attention.
Tentative pricing for 1BR starts from $2,100 psf for the lower floors and the actual prices will be released after the balloting on 20July19.
Even at this selling PSF and above, I don't think the margins are that good for CapitaLand.
The full breakeven point could be around $2k psf? And bigger units have to be sold cheaper.
The projected investment quantum for a 1BR will be $1.1m and above.
If rent at Spottiswoode Park Residences 1BR is around $2,800/month, the 1BR rents in "One Pearl Bank" could very well be around $3,000/month.
Hence, net property investment yield will be around 3% or slightly less IMO.
Keen to invest and want to find out on decoupling of property rules and calculations, click here to read post "Decoupling property to invest a second property"
Total project units is 774. The original Pearl Bank Apartments was only 280!
This means houses are getting smaller and majority units are less than 3 bedrooms.
TOP of "One Pearl Bank" is End2023. That's 4years+ later which seems pretty long.
Conclusion
I've seen a lot of showrooms and I must say the toilets are really of good quality material.
Even my wife agreed so. Check for more pictures on one of the agencies website on it here.
Together with the superb location, I was really tempted.
But I just feel overall prices in the residential property market is still lofty.
Today was a pre-launch and it had good crowd. The actual launch will be on 20July19.
If you are keen, I could pass you the ERA agent who kindly showed me around the project.
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