Knight Frank is inviting offers for the collective sale of Pearlbank Apartments, near Pearl’s Hill City Park. The iconic 37-storey, 99-year leasehold development consists of 280 apartments and eight commercial units.The 7,653-sq-m site is designated for a residential development with a plot ratio of 7.2. The baseline gross floor area is a little under 57,000 sq m, translating to a plot ratio of 7.447.
It is estimated that the property can command at least $750 million, excluding the lease-upgrading premium estimated at $137 million. This translates to a land price of around $1,445 per square foot per plot ratio. Knight Frank believes that about 500 apartments averaging 1,200 sq ft each can be built on the site.
The tender closes on Sept 18 at 3pm. — JOSEPH YADAO
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