Lackluster sales at One Pearl Bank saw only 160 units sold over launch weekend
The starting price for a studio unit was sold at just under the $1 million mark
As property developers continue to inject new private home supply into the property, the recent launch of One Pearl Bank by CapitaLand has managed to sell only 160 out of the 774 units available during the first 2 days of sales.
According to the developer, units were sold at a median per square foot (psf) price of $2,400 and the studio apartments, 1-bedroom, and 2-bedroom types proved to be the most popular options among buyers.
The 39-storey condominium project sits on a land area of 82,376 square feet (sqft) and is situated on Pearl’s Hill. It is expected to receive its TOP by 2023.
Despite drawing more than 4,000 prospects during its preview which took place 1 week before the official launch, the conversion rate at One Pearl Bank is only a mere 4 percent or even less.
Thus, the sales figures have drawn mixed responses from market watchers, with one condo expert noting that it was disappointing given the relatively fair pricing and the inclusion of furnishings.
In addition to that, One Pearl Bank is facing stiff competition from the nearby Sky Everton which was just launched weeks ago.
CapitaLand sees light in the responses and is confident that One Pearl Bank will continue to draw strong interest from buyers and investors due to its alluring attributes.
It was also noted by the developer that according to data from the URA, One Pearl Bank is by far the best-selling new launch project in the central region this year.