Out with the old and in with the new.

A shiny 39-storey condominium will replace the old Pearl Bank Apartments, which was sold to CapitaLand en bloc for S$728 million.

The new building will be completed in late 2023.

Are One Pearl Bank apartments up for sale?

Some 2,300 interested home buyers and 400 property agents showed up at the sales gallery of the new One Pearl Bank on its opening day preview on Saturday, July 13.

Cheques by some prospective buyers have already been submitted to indicate interest.

Bookings are only open on July 20.

How much would the new units cost?

The new units are expensive.

Indicative prices have been released by CapitaLand.

About two-thirds of the units will be sold for less than S$2 million.

A 431 sq ft studio apartment will go for S$970,000 onwards.

A one-bedroom unit is at least S$1.1 million.

A two-bedroom unit (700 sq ft to 893 sq ft) is at least S$1.5 million.

A three-bedroom unit (1,098 sq ft to 1,281 sq ft) is at least S$2.5 million.

And a four-bedroom unit (1,399 sq ft to 1,432 sq ft) is at least S$3.5 million.

A four-room HDB flat is about 915 sq ft to 1130 sq ft.

Realistically how much would a unit cost?

A 700 sq ft two-bedroom apartment, plus buyers’ stamp duties and other costs, add up to S$1.8 million.

Are there penthouses?

There are four penthouses on the highest residential floor, the 38th level.

Each has an area of between 2,626 sq ft and 2,788 sq ft.

The prices of these units will be announced at a later date.

Are units freehold?

They are 99-year leasehold​.

How many units are in One Pearl Bank?

The old Pearl Bank Apartments only had 280 units.

The new One Pearl Bank will have 774 households -- almost triple the original.

How much payout did residents receive?

A resident received S$1.8 million for his 1,324 sq ft two-bedder in the en bloc.

Are new units fit for immediate occupation?

These are “renovation-zero” apartments that will be ready for immediate occupation.

What is the unique selling point of the new One Pearl Bank?

It is the tallest building in the Outram area at 178m above sea level.

It has a uninterrupted panoramic view of the city.

Outram is considered a mature estate, making homes there highly sought-after.

But many buyers are purchasing One Pearl Bank apartments for investment purposes, as rental yield is expected to be attractive.

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