Pearlbank Apartments and Parkway Mansion attempt another collective sale

Pearlbank Apartments and Parkway Mansion attempt another collective sale

Pearlbank Apartments
Pearlbank Apartments. (Photo: Colliers International)

SINGAPORE: Pearlbank Apartments and Parkway Mansion will be put up for collective sale in separate tenders on Thursday (Nov 16), said Colliers International in a press release.

It is the fourth and third attempt at en bloc respectively for each property, the news release added. 

The tenders come amid a surge in en bloc sales this year.

Managing Director at Colliers International Tang Wei Leng said the company expects both tenders to attract the interest of both “local and foreign developers” amid the “strong demand for development sites via the Government Land Sales programme and the collective sale market”.

The owners of the 37-storey Pearlbank Apartments at Pearl Bank Road have set a reserve price of S$728 million for the building, said Colliers, the sole agent for the collective sale. 

This translates to a land cost of about S$1,505 psf per plot ratio, after factoring in an upgrading premium of approximately S$195 million for the lease top-up.

Pearlbank Apartments comprises 280 residential and eight commercial units. Homeowners will stand to receive between S$1.8 million and S$4.9 million for their units, which vary between 1,323 to 3,993 sq ft.

The commercial owners, whose unit sizes range from 700 to 5,630 sq ft, could potentially receive S$1.2 million to S$6.9 million.

The tender for Pearlbank Apartments will close on Dec 19 at 3pm.

Parkway Mansion
Parkway Mansion. (Photo: Colliers International)

The 32-unit freehold development Parkway Mansion at Amber road has an indicative price of S$138 million. This excludes an estimated development charge of about S$21 million.

Taken together, the indicative price and the development charge translates to a land rate of S$1,454 psf per plot ratio. This compares favourably against the land rate of S$1,515 psf per plot ratio for Amber Park, said Colliers.

Depending on the size of their property, each owner could receive between S$4.2 million and S$4.4 million in gross proceeds from the sale. Apartment sizes at the 17-storey development range from 1,819 to 1,948 sq ft.

The tender for Parkway Mansion will close on Dec 13 at 3pm.

Source: CNA/zl