Brownstone Pte Ltd, a subsidiary of the luxury residential developer SC Global, has bought Jervois Gardens at S$72 million through an en bloc sale. For the 34,038 sq. ft. freehold site, located off the River Valley Road, this price comes out to around S$1,511 per square foot per plot ratio (psf ppr).
Colliers International Singapore was the agency responsible for the sale. This prime freehold site launched for tender on 29 August at a reserve price of about S$68 million.
It was its 3rd attempt by Jervois Gardens owners at a collective sale, and the tender for the site closed on Sept 26, which attracted eight bids. Along with a S$4 million higher bid price, the icing on the cake is no development charge needs to be paid to the State.
The site is marked to be in the residential zone by the Master Plan of 2014 and has a 1.4 plot ratio. With an additional 10 percent Gross Floor Area for balconies, the unit’s land price lowers to S$1,373 psf ppr. The sale awaits approval by the Strata Titles Board, as of now.
Situated in District 10, between the future Great World City MRT station and the Redhill MRT station, Jervois Gardens comprises of 2 blocks of 14 maisonettes and 3 apartments.
And each owner of either a maisonette or an apartment stands to receive an amount ranging from S$3.3 million to S$4.5 million, depending on the size of units.
The managing director of Colliers International, Tang Wei Leng said, the fact that this site received eight bids (although on the third attempt) is a testament to this site’s strong potential for re-development.
This site at the 30F and 30G Jervois Road has a Gross Floor Area of about 52,419 sq. ft. and that’s including the additional 10 percent GFA for balconies (which we mentioned earlier). Apart from the proximity to the two above-mentioned MRT stations, the nearby park connector will be able to provide the future homeowners, amenities that promote a healthy lifestyle.
According to Ms Tang, the Gross Floor Area of the site would allow anywhere between 50 and 70 homes to be built on it.
The site has a regular shape and thus can be re-developed into a five-storey development with an estimated 60 units of about 850 sq. ft. each. The exact number would only be known after the work starts.
Ms Tang further added: “In the current market, freehold sites are becoming rare and hard to come by; and land-banks of developers are decreasing with every passing day. With Jervois Gardens, developers have the opportunity to build affordable and well-designed two-bedroom and three-bedroom apartments in the prime District 10.”
On this occasion, Colliers International also mentioned a recent sale of another freehold site near Jervois Gardens at S$110 million (about S$1,582 psf ppr). The newer projects in the area, largely leasehold have selling prices of around S$1,900 to S$2,350 psf.
Chairman of the Jervois Gardens’ collective sale committee, Andrew Khor commented: “The team at Colliers International has been very efficient, and transparent throughout this process. They were well structured for this sale.” With this event, Jervois Gardens also joins the fast-growing list of en bloc sales along with the popular Amber Park.
Jervois Gardens is expected to attract developers because of its possibility to provide quick turnaround and the opportunity to turn the site into affordable apartments located in a highly sought-after district.
The fact that Jervois Gardens is a freehold site is also attractive to the possible buyers and easily trigger “Bidding War”.
The attractive property boasts many positives for potential developers. These include:
- Under the 2014 Master Plan, it is allowed that the side be redeveloped into a five-story project holding 60 units, of course subject to approval by the URA.
- At the asking price for Jervois Gardens, developers are sure to make a good profit given the fact that similar projects in the area sell for closer to S$1,900 to S$2,350 per square foot.
- The location is ideal being that it is located close to the Tiong Bahru MRT and the Redhill MRT stations on the East-West line.
- Upcoming Orchard Boulevard MRT in 2021, around 12 mins walk from the condo. This will push up the site prices even more.
- Located in an area where foreign ambassadors and Ministers call home, giving the location an exclusive feel.
- Short walk to the main road to access public transportation
- Schools such as Alexandra Primary, Crescent Girls School and Gan Eng Seng Primary & Secondary are located close by as well as Tiong Bahru Park, Valley Point Mall and Delta Sport Complex, making this a prime location for family dwellings.
- The business hub is a short ten-minute drive from Jervois Gardens
- Jervois Gardens in Developers “Sweet Spot”(Under $100 million)