Date: 13 Feb 2018, Author: Wendy Wong, Source: Channel News Asia

Title: Pearl Bank Apartments sold to CapitaLand for S$728m

Brief: The iconic Pearl Bank Apartments have been sold for S$728 million to CapitaLand through a private treaty collective sale. CapitaLand said it plans to redevelop the site into a high-rise residential development comprising about 800 units with a host of “social, shared facilities which will foster community spirit and celebrate the area’s unique heritage”. The site is subject to the Pre-Application Feasibility Study (PAFS) announced by the Urban Redevelopment Authority last November . The new rules require potential buyers, developers and real estate agencies submitting outline or development applications for en bloc proposals to seek approval from the Land Transport Authority (LTA) and conduct a PAFS.