Jervois Green on the market for $48 mil

/ EdgeProp
November 7, 2017 5:16 PM SGT
Just off Tanglin Road is Jervois Green, a block of just eight apartments that has been put up for en bloc sale by tender on Nov 6. The price tag for Jervois Green is $48 million, or $1,373 psf per plot ratio (ppr). The asking price includes the additional 10% gross floor area (GFA) for balconies and a development charge of about $9.87 million, says marketing agent Colliers International.
The apartment block sits on a freehold site of 27,356 sq ft. It’s zoned for residential use with a plot ratio of 1.4 under the 2014 Master Plan. The property can therefore be redeveloped into a new five-storey development with 43 units, assuming an average size of 850 sq ft per unit.
As Jervois Green is held by a single owner, the sale is not subject to approval from the Strata Title Board or High Court approval, and therefore offers developers a shorter turnaround time to launch the new project, says Tang Wei Leng, managing director at Colliers International.
Jervois Green is located just 850m from Jervois Gardens, which was recently acquired by SC Global Developments for $72 million ($1,373 psf ppr) in a collective sale in September. The selling price of newer projects in the area - such as Mon Jervois, Principal Garden, The Crest, and Alex Residence - which are largely leasehold, are about $2,350 psf, according to Colliers.
The tender for Jervois Green will close on Dec 5.