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One Pearl Bank and its close proximity to 3 MRT lines and other amenities say a lot about its superb location. The two curved towers design of One Pearl Bank is simply grandeur and will no doubt become the new iconic landmark of Outram and Chinatown area in 2023. Capitaland has once again shown why it is one of the top developers in Singapore.
One Pearl Bank has 774 units spread over two magnificent towers and the developer will raise it 21 metres above the ground level to elevate the greenery flow from Pearl’s Hill City Park in order to merge the continuity flow with the iconic building. Lush landscaping of 135,000 shrubs, plants and flowers will be planted throughout the development and a footpath will be built to directly link it to Pearl’s Hill City Park. Also, based on URA’s Masterplan 2019, Pearl’s Hill City Park will be connected to Fort Canning Park through the Singapore River.
The facilities available are also impressive with 2 swimming pools and a children’s pool among the lush landscaping. There is also the standard gym an 24 hours security. Concierge service is also available for residents. This is truly awesome and I am very impressed by the dazzling level of architecture that integrates all elements into this entire development.
How I wish I could grab a unit at this luxurious & iconic development but alas, the price tag is at around S$ 2,400psf on average. Capitaland managed to sell an eye-popping 160 units over the recent weekend launch (considered a magnificent feat relative to the sales figures of other newly launched projects). Out of these, 87% of units sold are one bedroom and two bedroom probably due to the lower price quantum. The 3 bedders and above made up only 13% of sales. So I am not sure whether this points to an overarching weakness in the overall local property market. However, one thing is for certain, even if the price does drop 20% or 30% in the event of a recession, I will still not be able to afford it…haha. I still think that private property prices in Singapore are super expensive.
People kept comparing Singapore to Hong Kong and some even remarked that Singaporeans are a lot luckier than Hong Kong residents as, at least, our local properties are so much more affordable. Well, I do not really agree, I think that it is crazy that Singaporeans need to work 25 years to 30 years to pay off the mortgage. We are more of a slave to the banks.
So do you think that the launch of One Pearl Bank and its sales of 160 units reflect the beginning of an upbeat property market or the sales will splutter with the emergence of more bad news from the Singapore economy? Will you rush in to buy a unit for investment before all the 1 bedder and 2 bedders sell out?