- Two sought-after residential redevelopment sites in prime locations offering breathtaking views and accessibility to a myriad of amenities -
Singapore, November 15, 2017
– Leading global commercial real estate services firm, Colliers International (NASDAQ and TSX: CIGI), is pleased to announce that two prime redevelopment sites – Pearlbank Apartments in Outram and Parkway Mansion at 9 Amber Road – will be launched for collective sale in separate tenders on November 16.
Future homes at the Pearlbank Apartments site on the cusp of the CBD will command panoramic views of the city, while the seaside development on the Parkway Mansion plot is set to offer unblocked views of the sea. Both sites are extremely well-located, near a host of amenities and the transport network, offering superb connectivity and convenience.
Ms Tang Wei Leng (邓慧玲), Managing Director at Colliers International, says, “Sentiment in the residential market has improved following a down cycle that spanned four years. New home sales have been brisk this year and prices picked up in third quarter, possibly marking a positive turn in the market. We expect the two tenders to attract keen interest among both local and foreign developers amid the strong demand for development sites via the Government Land Sales programme and the collective sale market.”
Pearlbank Apartments (1 Pearl Bank Road)
The 37-storey Pearlbank Apartments sits at the crossroads of modernity and heritage. Strategically located, the development is surrounded by a range of entertainment and lifestyle options in the bustling Chinatown and the CBD is a stone’s throw away, with the Outram Park MRT Interchange and the Central Expressway (CTE) virtually at the development’s doorstep. It also enjoys close proximity to one of Singapore’s largest healthcare hubs, the Singapore General Hospital campus which is currently being revamped in phases, with a new community hospital due to open by 2020.
Pearlbank Apartments, one of the pioneering examples of high-rise, high-density living in Singapore, sits on elevated grounds with a land area of 7,653 sq m (approximately 82,376 sq ft). The iconic horseshoe-shaped building comprises a total of 288 units (280 apartments and eight commercial units), and has a 99-year leasehold tenure with effect from June 1970.
While the development has a Gross Plot Ratio of 7.2 under the 2014 Master Plan, it has an existing Gross Plot Ratio of 7.4479. As such, the site has the potential to be re-developed into a residential development with a total Gross Floor Area of 56,998.8 sq m (approximately 613,530 sq ft), comprising 730 new residential units with an average size of 800 sq ft, subject to approval from the relevant authorities.
Ms Tang adds, “Pearlbank Apartments is an architectural icon. Subject to relevant approvals, the developer can consider conserving the existing block and building an additional tower next to it in the future development. For example, the residential units in one tower can be sold, while the other block can be retained for serviced residences. That is just one of the many exciting potential redevelopment concepts for the site.”
The owners’ reserve price of SGD728 million translates to a land cost of approximately SGD1,505 psf per plot ratio, after factoring in an upgrading premium of approximately SGD195 million for the lease top-up. There is no development charge payable.
The apartment owners, whose unit sizes range from 123 sq m to 371 sq m (approximately 1,323 sq ft to 3,993 sq ft), stand to receive minimum gross prices of between SGD1.8 million and SGD4.9 million. The en bloc sale proceeds from the residential units are about 55% above the last transacted price in September 2017. Meanwhile, owners of commercial units with sizes ranging from 65 sq m to 523 sq m (approximately 700 sq ft to 5,630 sq ft) can potentially receive SGD1.2 million to SGD6.9 million.
The tender for Pearlbank Apartments will close on December 19 at 3pm.
Parkway Mansion (9 Amber Road)
The 32-unit freehold development Parkway Mansion is located in the prime district of Katong and East Coast, which looks set to undergo an urban renewal with a spate of collective sales in recent months, including The Albracca and Nanak Mansions in Meyer Road as well as Amber Park.
Parkway Mansion has an indicative price of SGD138 million, which excludes an estimated development charge of approximately SGD21 million payable to the state for the intensification of land use. Taken together, the indicative price and the development charge translate to a land rate of SGD1,454 psf per plot ratio. This compares favourably against the land rate of SGD1,515 psf per plot ratio for Amber Park.
This is the third collective sale attempt by the development’s owners. Depending on the size of their property, each owner could receive between SGD4.2 million and SGD4.4 million in gross proceeds from the sale. Apartment sizes at the 17-storey development range from 169 sq m to 181 sq m (approximately 1,819 sq ft to 1,948 sq ft).
Under the 2014 Master Plan, the 3,620.9 sq m (approximately 38,975 sq ft) site is zoned Residential and has a Gross Plot Ratio of 2.8, with a potential total Gross Floor Area of 10,138.5 sq m (approximately 109,130 sq ft).
Parkway Mansion is located just 100 metres from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line which is slated for completion in 2023, and is easily accessible to an array of amenities including Parkway Parade mall, and the popular East Coast Park beach.
Ms Tang notes, “What makes the Parkway Mansion site extremely appealing is its potential to offer unobstructed views of the sea as well as its proximity to the future Tanjong Katong MRT station, which is just six stops away from the commercial district in Shenton Way. Subject to relevant approvals, the site can potentially be redeveloped into a high-rise apartment tower that offers 130 units with an average size of 800 sq ft.”
The tender for Parkway Mansion will close on December 13 at 3pm.
For further information, please contact:
Ms Wong Siew Ying, Associate Director
Marketing and Communications
Office: +65 6531 8617