CapitaLand Has Successfully Acquired Pearl Bank Apartment Through An Collective Sales for S$728m
Formerly named as Pearl Bank Apartments, one of Singapore’s most iconic apartment buildings situated in the middle of two bustling MRT interchange stations was acquired by CapitaLand, the developer of Cairnhill 16, which bought the private housing site in a collective sale for S$728m. The development of approximately 82,376sqft translates to about S$8,838/sqft.
Cairnhill 16 will be redeveloped while preserving the iconic circular facade . The residential condominium comprises a total of 774 residential apartment units, within 2 blocks with 39 storeys each, including studio apartments and penthouses. Furthermore, the design on Cairnhill 16 was unveiled to the public, showing artist impressions of 2 curved towers with sky allotment gardens within a residential development, being the first in the world to have such a development plan. This new project is expected to be very popular due mainly to the unique shape of the towers, the close proximity to two MRT interchange stations, and that the units will enjoy unobstructed panoramic views of the townscape, from Chinatown all the way to Sentosa, the most famous tourist attraction in Singapore.
The new development would have almost 3 times the number of apartment units available, compared to the Old Pearl Bank Apartments, which comprised of only 280 residential units in a 38-storey tower.
The new development project site is situated in a prime district, being right beside a tourist hotspot, and near to other attractions such as Marina Bay, Harbourfront, Orchard Road, CBD and Clarke Quay. Furthermore, with the ease of transport and taking into account the abundance of amenities in the vicinity, Cairnhill 16 is sure to be very popular among homebuyers, and will undeniably prove to be the next exciting launch of a new leasehold condo in early 2023.
The new condo would be expected to sell higher than the collective purchase price of S$728m since the number of units available for sale is almost triple of the original Pearl Bank Apartments.
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