Jervois Green on the market for $48 mil

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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.
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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.