16 July 2018
It was an ambitious project. It would provide private housing to middle-income families at prices comparable to those of public housing and introduce to Singaporeans a brand-new way of living. In 1977, Pandan Valley Condominium was launched with the claim to have “the best of everything”.
Indeed. The condominium had seven blocks with varying designs, totalling 605 residential units. There would be, among others, a kindergarten, music school, ballet school, four multi-storey car parks, tennis and squash courts, jogging tracks, a lake and landscaped gardens and even putting greens.
Today, four decades later, the condo still stands, recognised as one of Singapore's architectural landmarks.
However, Singapore’s largest condominium at the time and one of its first, almost did not happen.
Developed by DBS Realty, a wholly-own subsidiary of DBS, the Pandan Valley project faced a slew of challenges. Poor property market conditions, rising costs, the scale of the project, legal difficulties, doubts over whether Singaporeans would accept the condominium concept – the list goes on.
Other developers reportedly said the bank was taking a substantial gamble. The newspapers said it was a “test case”. At one stage, then DBS President Howe Yoon Chong said the project might have to be reviewed.
However, DBS pressed on with the SGD 100 million project, determined to succeed. By 1979, the condo was almost fully occupied.
Here are some other interesting things to know about the Pandan Valley Condominium:
Asia’s Safest Bank, 2009 – 2023, Global Finance
Best Bank in the World 2022, Global Finance
World's Best Bank 2021, Euromoney
Best Bank in the World 2020, Global Finance
World's Best Bank 2019, Euromoney
Global Bank of the Year 2018, The Banker
