Jervois Green up for sale by tender for $48m
Jervois Green up for sale by tender for $48m
Nov 7, 2017
Single ownership of eight-unit building said to be among prime selling points
Annabeth Leow
The redevelopment frenzy remains in high gear with freehold estate Jervois Green going up for sale today, just weeks after nearby Jervois Gardens found a buyer.
Jervois Green has an asking price of $48 million, which works out to $1,373 per sq ft (psf) per plot ratio, inclusive of the 10 per cent additional gross floor area for balconies. That closely matches the unit price Jervois Gardens - also a freehold project of low-rise homes - fetched.
Market watchers said the comparable price could tempt developers to bite, especially compared with the selling price of newer projects in the area that are hovering between $1,900 psf and $2,350 psf.
Another lure is that redevelopment of the eight-unit Jervois Green could increase the number of apartments to more than 40.
There is another prime selling point: It is under single ownership.
Ms Tang Wei Leng, managing director of marketing agent Colliers International, said being under single ownership “offers developers shorter turnaround time to launch the new units for sale quickly”.
Jervois Green was completed in the late 1980s and sits on a 27,356 sq ft plot with a 1.4 plot ratio.
It is near Crescent Girls' School, Tiong Bahru and Redhill MRT stations and the upcoming Napier and Great World stations.
Colliers International said the Jervois Road site could be turned into a 43-unit development five storeys high, with a development charge pegged at roughly $9.865 million. That would make each new home around 850 sq ft.
The tender for Jervois Green closes on Dec 5 at 3pm.
Jervois Gardens was sold in September for $72 million to a unit of SC Global, in what was its third attempt for a collective sale property.
Jervois Green up for sale by tender for S$48m
Jervois Green up for sale by tender for S$48m
Price matches, on unit basis, what nearby Jervois Gardens - also a freehold project of low-rise homes - was sold for
Tue, Nov 07, 2017
Annabeth Leow
FREEHOLD apartment block Jervois Green goes up for sale by tender today, hot on the heels of nearby Jervois Gardens' collective sale.
The asking price of S$48 million works out to S$1,373 per sq ft (psf) per plot ratio (ppr), inclusive of the 10 per cent additional gross floor area for balconies.
That price tag matches, on a unit basis, what Jervois Gardens - also a freehold project of low-rise homes - went for.
Real estate watchers said that they figure the comparable price could get developers to bite, especially compared with the selling price of newer projects in the area hovering between S$1,900 psf and S$2,350 psf.
Completed in the late 1980s, the eight-apartment Jervois Green sits on a 27,356 sq ft plot that is zoned for residential use with a 1.4 plot ratio.
The four-storey apartment block at 100A, Jervois Road, off Tanglin Road, is near Crescent Girls' School, as well as the existing Tiong Bahru and Redhill MRT stations and the upcoming Napier and Great World stations.
Marketing agent Colliers International said that, subject to the authorities' approval, the land could be turned into a 43-unit development, five storeys high, with a development charge pegged at roughly S$9.865 million.
Under such a plan, each new home would be around 850 sq ft.
Managing director Tang Wei Leng noted that Jervois Green is held under single ownership, "which offers developers shorter turnaround time to launch the new units for sale quickly".
The tender for Jervois Green closes on Dec 5 at 3pm.
Jervois Gardens, also in Jervois Road, was sold en bloc in September for S$72 million to a unit of SC Global, in its third outing on the collective-sale market.
