One Pearl Bank – Best Investors’ Choice in Prime Outram/Chinatown District
One Pearl Bank is expected to launch in July 2019. In this review, I will show you some facts and analysis. Please follow Quick Links or feel free to contact us for latest movement or register your interest.
One Pearl Bank Latest Star-Buy Price
(>250 units Sold by Jan 2020)
1 bed fr $ 1.08M
2 bed fr $1.61M
3 bed fr $2.76M
4 bed fr $3.50M
One Pearl Bank Overview
When a chapter closes, a new chapter awaits.
Iconic architectural marvel Pearl Bank Apartments has ended its 43-year reign at Pearl’s Hill in 2019 and a new wonder, as promised by CapitaLand, will be ready by 2023. Be awed by One Pearl Bank, a twin-tower condo paying homage to the original Brutalist architecture and the most anticipated new launch in the whole of Singapore in recent years.
Reasons why you should consider One Pearl Bank
1. Living in One Pearl Bank is akin to owning a piece of history as Pearl Bank Apartments was an icon in Singapore private housing and the only residence in Pearl’s Hill.
2. It is within doorstep to Outram Park MRT Interchange (NEL/EWL/upcoming TEL) which gives you direct access to 82 MRT stations without making a transfer.
3. Driving is also easy due to its high connectivity to major roads and expressways.
4. The crescent-shaped towers provide natural ventilation and allow residents to enjoy 360° views of Singapore city, southern waterfront and islands, and as far as central Singapore including Bukit Timah Hill.
5. One Pearl Bank will feature the world’s first vertical sky allotment gardens in a residential property for residents to get involved in urban farming.
Situated at the boundary of District 3 in the Rest of Central Region (RCR), Pearl’s Hill is surrounded by Outram Park, York Hill and People’s Park/Chinatown. Long before 1819, this 45m knoll was already a gambier plantation. Briefly named Mount Stamford as a compliment to the founder of Singapore by Captain James Pearl, the commander of the ship that sailed Sir Stamford Raffles to Singapore, it was renamed to the current name by the captain himself after a disgruntlement with Raffles.
In 1969, a 82,376 sq ft triangular site atop Pearl’s Hill became the first Government Land Sales (GLS) exclusively for residential use since independence. This piece of land was to become Pearl Bank Apartments in 1976, a 37-storey, 280 units condo block which was then the tallest residential building in Singapore at 113m. Apart from its standout horseshoe shape, Brutalist architecture design that faced west to block the afternoon sun while at the same time offering scenic city views, Pearl Bank Apartments was a pioneer in high-rise, high-density living that included communal amenities, shops and absolute privacy between individual units that can be split into multi-generation units or two units with two entrances.
Pearl Bank Apartments was eventually sold to CapitaLand for $728m after four en bloc attempts. Its legacy in Singapore’s history has been digitally archived and paving way for a new chapter, One Pearl Bank.
One Pearl Bank is only a three-minute walk from Outram Park triple-line MRT stations via sheltered linkway. Currently an interchange for East West Line (EWL) and North East Line (NEL), it will be a new interchange for Thomson-East Coast Line (TEL) by 2021, connecting to nearby Orchard and Shenton Way and faraway Woodlands and Siglap. A 5-10 minute walk further via Pearl’s Hill Terrace will lead to Chinatown NEL and Downtown Line (DTL) interchanges.
This project is also highly accessible for motorists despite its only in-route via Outram Park/Outram Road. Outgoing traffic will lead to either Outram Road or Central Expressway (CTE). From Outram Road, motorists can head on to Tanjong Pagar/Downtown Core/Marina Bay in about 10 minutes or 3 minutes to Marina Coastal Expressway (MCE) while travelling along CTE will connect to Ayer Rajah Expressway (AYE) southwards in just 4 minutes.
9 bus services along Outram Road will also serve residents to many many other parts of Singapore.
There used to be many choice schools around Pearl’s Hill to choose from. Today, however, only two schools are still standing within 1km of One Pearl Bank – newly established Cantonment Primary School at Cantonment Close and 113-year-old Outram Secondary School at nearby York Hill.
Cantonment Primary School
Alexandra Primary School
Radin Mas Primary School
River Valley Primary School
Zhangde Primary School
Singapore General Hospital Campus
For healthcare and biomedical professionals, world’s third best hospital Singapore General Hospital (SGH) and Ministry of Health (MOH) take only 5 minutes of walking to reach. Currently undergoing a 20-year phased expansion, the refurbished campus will have over 10,000 job opportunities for medical, education and R&D.
Pearl’s Hill City Park
Tucked away behind One Pearl Bank is Pearl’s Hill City Park, a 9-hectare hilltop oasis of peace and serenity. Surrounding the fortress-like Pearl’s Hill Reservoir, visitors can enjoy respite from the stressful city life, busking in the dense mature Tembusu trees and lotus pond.
Chinatown (1 station)
The former enclave for Chinese forefathers is now a conservation area to explore the rich Chinese culture and heritage. Amongst the old but rejuvenated shophouses and modern buildings including shopping destination Chinatown Point and three food centres, one of which is Singapore’s largest with over 260 stalls at Chinatown Complex.
Tanjong Pagar (1 station)
Tanjong Pagar is diverse historic district where conserved shophouses meets tall office and residential buildings. Great dining options including Maxwell Food Centre, Tanjong Pagar Plaza, and shophouses along Bukit Pasoh and Duxton Hill are aplenty. Singapore’s tallest public housing, the 50-storey Pinnacle@Duxton and tallest commercial building, the 290m Tanjong Pagar Centre/Gucco Tower are located right within Tanjong Pagar.
Tiong Bahru (1 station)
As Singapore’s oldest public housing estate, Tiong Bahru was given conservation status in 2003 for its 20 Singapore Improvement Trust (SIT) flats. These flats are now home to many hipster joints, indie boutiques and galleries including Tiong Bahru Bakery and BooksActually. Authentic local fare at Tiong Bahru Market and Tiong Bahru Galicier Pastry also awaits visitors.
Fans of Pearl Bank Apartments will be assured that homegrown international developer CapitaLand and UK/Singapore joint venture architect Serie+Multiply, both multi award-winning companies in their fields, will design One Pearl Bank that is modernistic yet preserving the ideology of its predecessor.
The one-tower Pearl Bank Apartments will be replaced by two gently curving crescent-shaped 39-storey towers standing even taller at 178m, cementing its status as the tallest building and residential development in Pearl’s Hill/Outram-Chinatown. Both towers will be linked by dramatic sky bridges at the rooftop, giving this project a reminiscence of the original horseshoe-shaped building when viewed from certain perspectives. Aptly named Oculus Sky, it has both outdoor and indoor spaces including indoor and outdoor gyms and lounges, function room and gourmet kitchen (both indoors), and alfresco dining area.
Also maintaining the concept of ventilation and shade from its predecessor, both towers are tilted away from each other in a north-south orientation, to create a light and airy effect while concurrently allowing residents to enjoy all-angle panoramic views of Singapore city, the future Greater Southern Waterfront, Sentosa/Southern Islands and even Bukit Timah Hill.
Over 135,000 plants across 35 species will take up over 60,000 sq ft or 75% throughout this development. Part of this verdant landscaping can be found in Oculus Sky and two mid-tower Sky terraces – Prive Terrace at north tower level 14 and Chillax Terrace at south tower level 18. Fitness enthusiasts will love Prive Terrace for its water feature, yoga deck and meditation corner overlooking the tranquil Pearl’s Hill Park while family and friends get hosted at the outdoor lounge and alfresco dining at Chillax Terrace with the city view as its backdrop or host bigger events at the open amphitheatre or entertainment area.
Making history just like Pearl Bank Apartments, One Pearl Bank will feature the world’s first sky allotment gardens in a residential development. Conceptualised in England in the 19th century, allotment gardens are small land parcels rented to individuals for crop framing. With urban farming gaining popularity in Singapore, close to 200 allotments plots across 18 allotment gardens at every 4th level of each tower enable residents to grow their own fruits, vegetables and herbs. Located at the edge of both towers facing the pool area, these gardens provide additional greenery and reinforcing both Pearl Bank Apartments and One Pearl Bank as pioneers of private urban housing.
Maximising land use on Pearl’s Hill topography, both towers will be elevated 21m from ground, allowing seamless greenery flowing from Pearl’s Hill Park to Fort Canning Park via the future green connector. Residents will be able to access Pearl’s Hill City Park via sheltered linkway from the north tower.
Residents walking to One Pearl Bank have two options to enter the condo – sheltered pedestrian access gate at the corner of Outram Park and Pearl Bank or side gate next to the main drop-off. The sheltered access gate will be complimented by an eco-pond where koi fishes originally from Pearl Bank Apartments will be kept using rainwater collected and channeled into the pond. For motorists, there are four basement levels car parks of 620 regular and 5 handicap lots, and 31 motorcycle lots, accessible via drop-off area. 194 bicycle lots are available for cyclists and they can enter directly to B2 from the sheltered pedestrian access gate.
|Project Details||One Pearl Bank|
|Location||Pearl Bank / Outram Park|
|Developer||CapitaLand (Areca Investment Pte Ltd)|
|Site Area||7,653 sqm (est. 82,376 sqft)|
|No. of Car Park Lots||620 + 5 Handicapped lots|
|No. of Blocks/Storeys||2 blocks of 39-storey|
|Total No. of Units||774 Units|
|No. of Car Park Lots||620 + 5 Handicapped lots|
|Payment Scheme||Normal Progressive|
|Site Use||Residential Flat Developement|
|Security||24 Hours Security Guard|
One Pearl Bank Price, Unit Types, Sizes
|Bedroom Type||No of Units||Size||Price|
|Studio||140||431 sqft / 40 sqm||$970K|
|1 Bedroom / + Study||175||538 sqft / 50 sqm||$1.1xM|
|2 Bedroom||280||689 sqft / 64 sqm||$1.5xM|
|3 Bedroom||140||1141 sqft / 106 sqm||$2.5xM|
|4 Bedroom||35||1421 sqft / 132 sqm||$3.5xM|
|Penthouse||4||fr 2540 sqft / fr 236 sqm|
*Estimated. Subject to change.
One Pearl Bank Floor Plan
The total units for One Pearl Bank have almost tripled to 770 studio to 4-bedroom units and 4 penthouses, equally distributed between the two blocks with 11 units per level. This wide selection of unit types come in sizes averaging between 430 to 2.800 sq ft.
As the building structure is curved, units will be fan-shaped, narrow towards the entrance and wider towards the balcony.
2-bedroom units take up the most for this development with 280 units or 36%. Depending on preference, some units will have longer hallway from entrance to living room, giving additional privacy from the common corridor. Master bedroom is also exceptionally spacious despite not being the regular geometrically-shaped room.
Corridors are 1.5m wide, providing ample walking space and privacy between facing units. Ceiling height for a typical unit is 2.9m.
A "reno zero concept" of furnishing has been adopted specially for this development. All units are essentially fitted with basic and meticulous furnishings such that investors can immediately rent out units without the need for additional alterations. These meticulous furnishings include a customisable smart mirror integration system that functions as a clock, mirror, smart home system, and web and lifestyle app browser.
To continue is theme of greenery, all balconies will have a built-in sunken planter, with soil and plants provided to encourage residents to take up gardening at home. Together with the allotment gardens and verdant landscaping, such biophilic design will give One Pearl Bank a powerful greenery façade when viewed from afar.
All kitchens will be fitted with engineered tiles from Spain and full appliance suite from high-end Swiss label V-ZUG. As a bonus exclusively for studio, 1- and 2-bedroom units, dining table will be a fully integrated swivel table from Ernestomeda. Italy’s kitchen designing brand known for its innovative and tailor-made kitchens.
Bathroom fittings are also made of premium finishings featuring engineered tiles from Italy/Spain and sanity wares from Hansgrohe. There is also a duo function radiance rainfall spa specially fitted in the master bathroom for residents to enjoy home spa.
One Pearl Bank Price Comparison
One Pearl Bank launch price estimated from $2,087psf, it looks attractive compared with its closest competitor Sky Everton, which was launched just a few weeks back with average transaction around $2,523psf. One Pearl Bank, being a 99yr lease hold project, is situated at more convenient location with 3-line MRT interchange just at its doorstep. Sky Everton, however, would appeal more towards buyers who are looking for more exclusive environment with a freehold status.
Rental is expected to be around $6psf, taking Dorsett Residence as a reference. Rental yield should hit above 3.2% if the unit is purchased below $2,200psf.
Some thoughts on One Pearl Bank
1. One Pearl Bank offers huge capital appreciation due to its proximity to the city centre and the immediate SGH Campus. There are also plans for an integrated development at the spaces above Outram Park MRT and the demolished Pearl’s Centre post-TEL commencement and reintroduction of housing to the former Outram Park Estate site; all these will significantly make this project highly sought-after.
2. Being the only residential development in Pearl’s Hill and nearby Outram Park, investors may worry tranquility being affected once housing is brought back to Outram Park. Rest assured that there will still be exclusivity for One Pearl Bank residents due to its off and hilltop location.
3. Only one primary and secondary schools remaining in One Pearl Bank is a drawback for families with kids
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For more information on how the URA Draft Masterplan 2019 will shape the vicinity surrounding One Pearl Bank, click on the following links:
1st day launch - Most of 200 One Pearl Bank units launched for sale snapped up
The first weekend of sales for upcoming condominium One Pearl Bank saw 80 per cent of the 200 units released bought up.
Real estate developer CapitaLand said in a statement on Sunday (July 21) that 160 units were sold as at 5pm, at an average price of $2,400 per square foot.
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