SINGAPORE – 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.

This is about 20 per cent of the 774 residential units in the 99-year leasehold condo, which is being developed on the site of the former iconic Pearl Bank Apartments.

Sales began on Saturday (July 20). When the sales gallery opened for public viewing at the previous weekend, more than 4,000 people showed up.

CapitaLand said that the 160 units sold included studio, one-bedroom, two-bedroom and three-bedroom types.

The most popular apartment types were the one-bedroom and two-bedroom units, which made up 56 per cent and 31 per cent respectively of the units sold.

About eight in 10 of the homebuyers are locals. Those who booked their units this weekend enjoyed an early-bird discount of 1 per cent.

Apartments at the condo range from 431 sq ft studio units to penthouses 2,788 sq ft in size.

Prices start from under $1 million for a studio apartment, and more than two-thirds of the units are priced below $2 million each.

The development, which sits on Pearl’s Hill near Outram Park MRT station, is expected to be completed by 2023. It will be 39 storeys high and occupies a land area of 82,376 sq ft.

CapitaLand said One Pearl Bank was the best-selling new launch in Singapore’s Central Area so far this year based on data from the Urban Redevelopment Authority’s Real Estate Information System.

Mr Ronald Tay, chief executive of CapitaLand Singapore, Malaysia and Indonesia, residential and retail, said the positive response “points to the continued market demand for well-appointed homes in prime District 3 that are connected to transport nodes, amenities and lifestyle options”.

“We are confident that the project’s iconic status and excellent attributes will continue to attract interest from prospective homebuyers,” he added.

The condo will have a sheltered linkway to the upcoming triple-line Outram MRT station and has a “renovation-zero” concept as all units come with fully-integrated kitchens, built-in lighting, air-conditioning, cabinetry and curtains.