Singapore, 06 December 2017
– Leading global commercial real estate services firm, Colliers International Group Inc. (NASDAQ and TSX: CIGI) is pleased to announce that Jervois Green, a four-storey freehold development in 100A Jervois Road, has been sold for SGD52.9 million to investors led by Mr. Mike Ho, third generation owner of Spring Court, one of Singapore’s oldest Chinese restaurants.
The sale price was 10 per cent higher than the owner’s asking price of SGD48 million when the tender was launched on November 7, 2017. Jervois Green, which comprises eight apartments, has a site area of approximately 26,700 sq ft.
Ms Tang Wei Leng (邓慧玲), Managing Director at Colliers International, says, “The tender for Jervois Green drew strong interest with six bids received from a wide spectrum of investors and developers. The tight bids not only reflect the market consensus on the pricing in the locale, but also signal the positive sentiment among bidders on the back of a comeback in the residential property market.”
The sale price of SGD52.9 million works out to a land rate of SGD1,601 psf per plot ratio (psf ppr) inclusive of a development charge payable of approximately SGD6.95 million.
Mr. Mike Ho (何志豪), owner of Spring Court, says, “Apart from helping to manage the restaurant, I am also an active investor in the real estate market, owning a portfolio of shophouses in several locations in Singapore. My friends and I have been scouting for investment opportunities in view of the recovery in the residential property market, and found Jervois Green to be the best pick. The size of the site is ideal and its prime location offers exciting redevelopment potential in the future.”
Under the 2014 Master Plan, the site is zoned for “Residential” use with a plot ratio of 1.4. It has the potential to be re-developed into a five-storey development comprising 42 units of approximately 850 sq ft each, subject to approval by the relevant authorities. The site is not subject to the Pre-Application Feasibility Study.
The future selling price for the new development is envisaged to be above SGD2,500 psf or from SGD2.1 million per unit. The new development will likely appeal to a diverse group of buyers given its prime location in the prestigious Tanglin neighbourhood. Jervois Green is also located near several MRT stations including Redhill MRT station on the East-West Line, as well as the upcoming Orchard Boulevard and Great World MRT stations on the Thomson-East Coast Line (due to open in 2021).
Jervois Green enjoys convenient access to a wide range of amenities, including the Alexandra Park Connector, three malls - Tanglin Mall, Valley Point, Great World City - as well as Alexandra Primary School, Crescent Girls’ School and Queenstown Secondary School.
The subject property was held under single-ownership and the sale is not subject to approval from the Strata Titles Board/High Court.
In September this year, Colliers International concluded the sale of Jervois Gardens – located 850 metres from Jervois Green - in a collective sale for SGD72 million.
The tender for Jervois Green closed on December 5 at 3pm.
For media query, please contact:
Ms Wong Siew Ying
Marketing and Communications
Phone: +65 6531 8617