Jervois Green a freehold Condominium on 100A Jervois Road, has now been sold to a group of investors headed by Mike Ho, who is the third-generation owner of one of the oldest among Chinese restaurants in Singapore – The Spring Court.
The land rate paid for Jervois Green translates to S$1,601 for every square foot of plot ratio which includes an estimated S$6.95 million towards development charges.
The deal was brokered by Colliers International and according to them the sale price pitches some 10% above the asking price of S$48 million set by the owner at the time when the property was put to tender on 7th November ,2017.
Jervois Green is comprised of 8 apartments with site area measuring about 26,700 square feet.
The District 10 property changed hands under single-ownership and thus does not require the approval of the High Court or the Strata Titles Board.
The tender for the property closed on 5th December,2017.
Managing Director of Colliers International, Tang Wei Leng stated that the Jervois Green tender saw strong interest with 6 bids coming from a wide array of developers and investors.
She added that the tight bids reflect the pricing and consensus in the market for the locale and also signals positive sentiment bidders have, aided by a renewal of interest in the residential properties market.
Spring Court owner Mr. Ho said that apart from assisting with the management of the restaurant, he was also active as an investor in the local real estate market, and owns a portfolio of shops and houses in many locations across Singapore.
He added that his friends were actively scouting for new investment opportunities considering revival in residential property markets and Jervois has been the best pick.
The site is in a prime location and size is ideal, offering exciting potential for redevelopment in future.
Colliers also added that under the Master Plan 2014, the Jervois site enjoys residential zoning with a 1.4 plot ratio.
This site can potentially be redeveloped into a 5-storey property comprised of 42 units each measuring about 850 square feet subject to approvals from relevant authorities, according to Colliers.
The future sale price of a new development is expected to be more than S$2,500 psf or over S$2.1 million per unit.