Here is my review of One Pearl Bank by Capital Land, located in Outram Park area. The showflat is along Pearl Bank (Near to Outram Road). Developer’s price will be released on balloting day and brochure is available upon request.
One Pearl Bank – A 99-years leasehold development located in 1 Pearl Bank. It comprises a total of 774 residential units, ranging from a studio apartment to 4 bedrooms, along with 4 types of penthouses. It is the result of collective sale enbloc of Pearl Bank Apartments at S$728 million.
Location and surroundings:
One Pearl Bank is located in the Outram park area, which is close to the CBD, and a short drive away from other popular areas such as Marina Bay, Clarke Quay, Orchard Road and Harbourfront. It takes approximately 2 minutes to walk to Outram Park MRT Station. Pearl’s Hill City Park is right outside of One Pearl Bank and it will appeal to residents who like to take a leisure stroll along the park. This project offers plenty of conveniences as People’s Park Complex, one of Singapore’s oldest malls is close by.
Here are some factors to consider for One Pearl Bank:
It is served by 3 MRT lines – The Thomson-East Coast Line (TEL) is a joint line between the Thomson Line and the Eastern Region Line. This new MRT line would be completed by 2023, operationally ready stations will open in phases. This new line combined with the existing East-West and North-East line will allow commuters to easily travel in all directions. Stage 3 of TEL, which will feature Outram park, will be opened in 2021.
Greater Southern Waterfront District – The major factor which will contribute to the success of One Pearl Bank will be the fruition of URA’s Plan – Greater Southern Waterfront
The plans involve the consolidation of operations at the City Terminals (Tanjong Pagar, Keppel) and Pasir Panjang port terminals to Tuas, the transformation of the area currently used by Keppel Golf Links and possibly Harbourfront Centre and some parts of the Pasir Panjang neighbourhood.
One Faber Group is studying a new funicular system at Mount Faber to bring visitors from the foothills to the hilltop and cable car station by 2023. This provides easy access to Mount Faber and the rest of the 10km-long Southern Ridges.
“It may take 10-15 years, but usually if it’s in URA’s plan, we will get there”
43 hectares of Medical Hub – Singapore’s largest healthcare hub will undergo major redevelopment to meet growing healthcare needs. The sprawling 43hectares campus (430,000sqm) will include interconnected zones for patient care, research and education. This major redevelopment is to make it more convenient for patients, visitors and staff, the entire hospital will be relocated to the area along Outram Road and Eu Tong Sen Street, which will bring the hospital nearer the Outram Park MRT station.
Potential enbloc of Mall nearby – People’s Park Centre, a mixed-use project along Upper Cross Street in Outram, has increased its reserve price from $1.3 billion to $1.35 billion for its first collective sale attempt. The future of a revamped Chinatown is heavily influenced by People’s Park Centre being redeveloped will likely increase the value of the property and its surroundings.
Prices and Comparisons:
There are no nearby resale projects which are comparable with One Pearl Bank, however, Sky Everton is priced around the range of S$2500-2600 psf on average. Based on the acquisition cost of S$728 million and the lease top-up premium, the land sale price translates to a land price of about S$1,515 per sq ft per gross floor area. I expect the opening sale price of One Pearl bank to be around S$2400-2500 psf on average, similar to Sky Everton with the exception that this is a 99-year leasehold property.
CapitaLand Limited – CapitaLand is one of Asia’s largest real estate companies. They have an advantage in a significant asset base and extensive market network. The group develops and manages high-quality real estate products and services. It also has one of the largest investment management businesses in Asia and a stable of five REITs listed in Singapore and Malaysia. Almost every residential development they have are 100% sold with the exception of The Orchard Residences as the remaining units are targeted for the ultra-high net worth individuals.
The appliances and fixtures provided with every unit of One Pearl Bank are of very high quality and sleek:
- Fully integrated kitchen with full suite of Swiss- made V-ZUG kitchen appliances & washer cum dryer
- Swivel table, imported by Ernestomeda from Italy
- Sanitary wares from German brand, Hansgrohe, their Integrated vanity top & wash basin looks very nice and durable
- Smart integrated mirror
- Smart home system
- Large format marble flooring
Eugene’s thoughts on this project:
- One Pearl Bank is a highly anticipated project as it has received media attention and hype from the newspapers.
- The one-of-a-kind location of this project is part of the many selling points of this project.
- The road to One Pearl Bank serves the residents exclusively as there is only one property at the end of the road.
- This developer has a pristine track record for high-end luxury properties which always sell very well.
- There is plenty of future transformation in the Outram Area that adds value to the residential properties around.
- Excellent choice of fixtures and appliances including smart home systems.
If you can overlook the 99-years leasehold tenure, I would say this is an excellent buy as an investment home. The curved layout of most units is discouraging as squarish layouts generally have less wasted space. Overall, the pros definitely outweigh the flaws of this project and I am confident this project will sell well considering the good sales results of Sky Everton which sold 102 of 262 units in less than a month after sales launch.
Value for money: ⭐⭐⭐3/5
If you would like to have a One Pearl Bank E-brochure, floor plans or pricing, do inform us.
While every reasonable care has been taken in preparing this website, the developer and its agents cannot be held responsible for any inaccuracies or omissions. Visual representations, illustrations, photographs, art renderings, and other graphic representations and references are intended to portray only the artist’s impressions of the development and cannot be regarded as a representation of fact. All information, specifications, renderings, visual representations and plans are correct at the time of publication and are subject to change as may be required by us and/or the competent authorities and shall not form part of any offer or contract nor constitute any warranty by us and shall not be regarded as statements or representations of fact. All facts are subject to amendments as directed and/or approved by the building authorities. All areas approximate measurements only and subject to final survey.