Lotus at Jervois sold en bloc for $46.3 mil

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/ EdgeProp
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March 14, 2018 6:47 PM SGT
The freehold, 20-unit Lotus @ Jervois along Jervois Road was sold en bloc for $46.3 million ($1,683 psf per plot ratio) on March 5. According to an INLIS search, the serviced apartment was owned by Pulau Properties, which is believed to be linked to entities controlled by the Lee family of OCBC. EdgeProp understands that the buyer is likely to redevelop the property.
This follows the sale of another The Lotus Sanctuary-branded property. In July 2017, listed property developer Oxley Holdings bought the freehold Lotus @ Pasir Panjang for $121 million ($964 psf per plot ratio). The 89,620 sq ft site will be redeveloped into the 150-unit The Verandah Residences.
Across the road from Lotus @ Jervois is the 17-unit, freehold Jervois Gardens with a 34,038 sq ft land area. It was bought by Singapore luxury property developer SC Global for $72 million ($1,373 psf ppr) in September 2017.
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View of Jervois, Alexandra and Tanglin Roads from City Developments' Gramercy Park (Credit: Samuel Isaac Chua/The Edge Singapore)