Ravi Chandran
Colliers International on Nov 5 announced that Pearlbank Apartments collective sale has been successfully completed. The Pearlbank Apartments collective sale concluded after obtaining a sale order from the Strata Titles Board (STB) in August this year.
The Pearlbank Apartments collective sale conclusion is a significant transaction both in terms of deal size – one of the largest collective sales in recent years – and the historical profile of the building.
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The prime 288-unit (280 apartments and eight commercial units) development – located at the fringe of the Singapore Central Business District (CBD) – was sold to CapitaLand for $728 million via private treaty in February this year, following the close of the collective sale tender on December 19, 2017.
Colliers was appointed to lead the collective sale of the 37-storey Pearlbank Apartments in June 2017 and subsequently put the development on the market on November 16, 2017.
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Ms Tang Wei Leng, Managing Director at Colliers International, said, “This is a landmark deal. We are extremely proud to have helped the owners realised their decade-long collective sale dream. It has been a long and arduous journey for them. For more than a year, we worked tirelessly with the owners, staying the course despite facing numerous challenges along the way which included the introduction of the Pre-Application Feasibility Study on traffic impact for en-bloc residential projects as well as managing pricing expectation amid market uncertainties. We are pleased to have overcome the various challenges and delivered an exceptional outcome for the owners.”
The 99-year leasehold Pearlbank Apartments is situated on elevated grounds with a land area of 7,653 sq m (approximately 82,376 sq ft). It sits strategically at the crossroads of heritage and commerce, being near the bustling Chinatown as well as the CBD.
Pearlbank Apartments Collective Sale Timeline
- Colliers appointed as marketing agent: June 2017
- Collective sale tender launched: 16 November 2017
- Collective sale tender closed: 19 December 2017
- Found a buyer via private treaty sale: 12 February 2018
- Obtained sale approval from STB: 01 August 2018
- Successful sale completion: 01 November 2018
Mr Alex Poh, Chairman of Pearlbank Apartments collective sale committee, said, “The owners are delighted that the collective sale is completed. We thank Colliers for going the extra mile at every step of the sale and marketing process. Their tenacity, professionalism, real estate expertise and excellent problem-solving skills were instrumental in getting the deal done and calming our nerves when uncertainties arose. All the owners are deeply appreciative of their hard work.”
Ms Cecilia Seet, Chairman of the Pearlbank Apartments Management Corporation Strata Title (MCST), said, “The owners are glad that the collective sale has been completed, after experiencing several unsuccessful attempts over the past 10 years. Pearlbank Apartments will always have a special place in our heart due to its excellent hilltop location with fantastic views. The site is appealing and has good feng shui too – owners who were renting their units typically could secure a tenant within a day. Having said that, there have been numerous maintenance issues arising from the ageing building, and redevelopment seems to be the best option.”
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Ms Jennifer Lam, unit owner at Pearlbank Apartments, said, “I have been living at Pearlbank Apartments for about 30 years now and I am very happy that the sale is completed. This is timely as the building is so old, with many maintenance and water leakage issues. The successful collective sale marks the end of a long journey for all of us. Like many residents, I am sad to leave this place which holds many memories. I will miss the tranquility of the surrounding greenery and the convenience of living in the midst of the bustling Chinatown. However, the property is ageing and for retirees like myself, we would prefer a smaller unit for easy housekeeping. It would be difficult to find a similar property like Pearlbank Apartments again. If possible, I believe many owners would want to purchase a new unit from the developer when the new development at Pearlbank is ready in the future.”
Colliers held a celebratory event for the owners of the private residential apartment on Monday (5 November) afternoon to mark the Pearlbank Apartments collective sale completion.
The Pearlbank Apartments deal which successfully concluded in its fourth attempt, reflects and affirms Colliers’ proven track record and deep capabilities in the capital markets and real estate investment sales sector. Since September 2017, Colliers has brokered several major deals in Singapore, such as Pomo (a mixed commercial complex), 22 units at Draycott 8, Jervois Gardens, Jervois Green, Parkway Mansion, City Towers, Pearlbank Apartments, Tulip Garden and Sembawang Shopping Centre – with a combined value of about $3 billion.
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