One Pearl Bank drew plenty of attention when it launched in 2019, and not only for its architecture. The redevelopment of the iconic horseshoe towers sparked calls for conservation, while some buyers were drawn to its position on Pearl’s Hill: right beside Chinatown, minutes from the CBD, and served by three MRT lines at Outram Park (EWL, NEL, TEL). On paper, it had every hallmark of a long-term standout.
But when we expanded our Rest of Central Region (RCR) comparison data set, One Pearl Bank emerged for an unexpected reason.
Its resale performance appears notably weaker than that of other RCR launches from the same period, including projects in less central locations or with smaller land parcels.
Given the level of visibility and locational advantages of this development, that discrepancy is worth a closer look.
In this Stacked Pro deep dive, we break down the numbers behind One Pearl Bank’s relative underperformance — from launch-to-resale movements, to unit-type dynamics, to how it stacks up against nearby RCR peers — and what the data suggests about buyer sentiment today.
And as we break down the numbers, it’s worth mentioning something we hear often from readers: analysing projects on your own can feel overwhelming, especially when resale performance and launch expectations don’t line up. If you tell us what you’re trying to make sense of, we can connect you with one of our trusted partner agents who works with the same datasets and can help you interpret how different projects truly compare.
Let’s dive in.
Past performance is a useful signal, but it's not a forecast. The projects that outperformed over the last cycle aren't guaranteed to do so again, and the reasons they outperformed may no longer apply.
The more useful question is whether a particular property still makes sense at today's price, given your budget, objectives and timeline. That's where many buyers find it helpful to get a second opinion.
Over time, that's also why we decided to work with agents who shared the same data-driven and advisory-led approach behind our editorial, consultants who could help readers think through decisions more objectively, rather than simply push transactions.
Today, the team has worked with more than 2,000 clients across over $5B in property transactions.
Let’s look at the performance of One Pearl Bank from its launch in 2019 to June 2025
| Year | Average $PSF |
| 2019 | $2,385 |
| 2020 | $2,485 |
| 2021 | $2,464 |
| 2022 | $2,573 |
| 2023 | $2,749 |
| 2024 | $2,480 |
| 2025 (Up to June) | $2,500 |
| Annualised | 0.79% |
A gain of less than one per cent is not a very good start. But let’s compare it to the overall 99-year leasehold market (as One Pearl Bank is leasehold), as well as to 99-year projects in the same district (D3).
1 Comments
OPB p dissapointing growth, thanks for insights