A Freehold Residential Site in Prime District 10
International property consultant, Colliers International is putting up for sale by tender, Jervois Gardens, which is located at 30F and 30G Jervois Road.
The tender will close on January 22, 2014, at 3 pm.
Jervois Gardens comprises two four-storey walk-up blocks, accommodating a total of fourteen maisonettes and three apartments. The development currently sits on a freehold site that is regular in shape. The site area is approximately 34,038 sq ft.
Under the 2008 Master Plan, the site is zoned for “Residential” use with a plot ratio of 1.4. It can be re-developed into a five-storey development comprising approximately 65 apartment units of 800 sq ft each, subject to approval by relevant authorities.
Ms Tang Wei Leng （邓慧玲）, Executive Director of Investment Services at Colliers International, says, “Asking price by the owners is in the region of S$72 million. Assuming no development charge payable and subject to baseline confirmation, the price works out to be S$1,510 per sq ft per plot ratio. If the developer chooses to include the additional 10 per cent gross floor area allowed for balcony space, then the land cost is about S$1,374 per sq ft per plot ratio.
This small freehold site offers developers a quick turnaround time. Coupled with the excellent location, the site offers much opportunities and investment potential for the successful bidder.” Ms Tang continues, “The site is nestled in the exclusive District 10, which houses predominantly low-rise private residential developments and good class bungalows that have always been highly sought after by well-to-do individuals. The selling prices of the nearby RV Residences, RV Edge and The Montana are in the region of S$1,900-S$2,250 per sq ft. New launches – such as the leasehold developments, Mon Jervois and Echelon – also achieved selling prices as high as S$2,474 per sq ft.”
Strategically located off River Valley Road, the subject site is readily connected to the other parts of the island via major expressways, as well as several MRT stations including Tiong Bahru and Redhill on the East West Line, and the upcoming Great World station on the Thomson Line is slated to open in 2019. Amenities are conveniently located at the nearby Valley Point, Great World City and the shop houses along River Valley Road.