February 13, 2018

CapitaLand announced that it has successfully acquired the centrally located Pearl Bank Apartments through a private treaty collective sale for S$728mn. The price, with an additional lease topup premium estimated at S$201.4mn(to bring the new lease to 99 years), translates to a land price of approximately S$1,515 per square foot per gross floor area. The prime site atop Pearl’s Hill at Outram Park has a land area of 82,376 square feet (sq ft), with an existing plot ratio of 7.45. CapitaLand plans to redevelop the site into a high-rise residential development comprising around 800 units. Share price closed at S$3.520