CapitaLand acquires Singapore’s Pearl Bank Apartments for $550m

Aerial view of the Pearl Bank Apartments

Singaporean property developer CapitaLand has completed its acquisition of Pearl Bank Apartments in the city-state’s Chinatown area through a private treaty collective sale for S$728 million ($550 million).

In a press statement, CapitaLand said the sale price translates to a land cost of approximately S$1,515 per square foot per gross floor area, after factoring in an upgrading premium of approximately S$201.4 million for the lease top-up.

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