http://www.straitstimes.com/archive/...value-20150601

Conservation 'can unlock Pearl Bank's value'

Published on Jun 1, 2015 2:04 AM

By Rennie Whang


CONSERVATION status can boost the value of Pearl Bank Apartments, its architect said yesterday.

The conserved Tiong Bahru estate, for example, has enjoyed a property boom. Mature Housing Board estates are typically more desired as well, noted Mr Tan Cheng Siong, principal partner of Archurban Architects Planners.

"There are people who appreciate good, heritage buildings... Pearl Bank could be a pioneer in unlocking heritage value."

He was speaking at an Extraordinary General Meeting for owners of Pearl Bank Apartments, which was called to give explanations and to seek consent for plans to conserve and redevelop the building.

Its management and liaison committees yesterday started collecting approval from owners. They require 100 per cent approval from subsidiary proprietors by end-October before the Urban Redevelopment Authority (URA) can issue a planning decision.

The liaison committee said it is appealing to the Ministry of National Development to require a smaller proportion of consenting owners, especially as just 80 per cent of subsidiary proprietors need to agree for a building to be sold en bloc.

As part of the vision for Pearl Bank Apartments, the owners intend to volunteer their building for conservation, at the same time applying to the URA to increase its gross floor area (GFA). The URA said last month it is prepared to consider a maximum 15 per cent increase in GFA over and above the existing approved one, capped at 430 units in all - above the building's current 288 units.

The owners hope to sell this extra development quantum to a developer, who could then build a second apartment block on top of their five-storey carpark. Mr Tan's plans for this second block include a rooftop garden with infinity pool, which could be linked to the existing block's common space on the 28th floor.

With the proceeds, the owners will then retrofit the existing building, which has deteriorated over its nearly 40-year lifespan. They will also apply to extend its lease, depending on the sum they receive, and are looking at a minimum 20 years' lease extension.

Mr Tan noted yesterday that Pearl Bank Apartments has a wealth of value to be realised - a central location, promixity to two MRT lines and an upcoming third, the Thomson-East Coast Line; panoramic views, iconic architecture, a strong structure and high rental values.

Dr Lee Seng Teik, chairman of the liaison committee, said yesterday that these plans will unlock Pearl Bank's value. "We have 54 years of lease left. We can sit back and do nothing, and in the end, the Government will take (the land) back. We have tried three times at en bloc, and three times, we have failed. I think this is the last option given to us... And (the additional residential block) will be like a second icon to support our first icon, the original Pearl Bank Apartments."

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