Singapore, 26 September, 2017 –
Colliers International (NASDAQ and TSX: CIGI), a global leader in commercial real estate services, is pleased to announce that Jervois Gardens, a freehold development comprising two low-rise blocks of 14 maisonettes and three apartments located at 30F and 30G Jervois Road, has been successfully sold for SGD72 million to Brownstone Pte Ltd, a subsidiary of SC Global.
The tender for the subject site launched on Tuesday 29 August 2017 and closed on Tuesday 26 September 2017.
Under the 2014 Master Plan, the subject site is zoned for “Residential” use, with a gross plot ratio of 1.4.
Tang Wei Leng (邓慧玲), Managing Director of Colliers International Singapore, says, “This is Jervois Gardens’ third attempt at a collective sale and we are very proud to have facilitated its successful sale. We received a total of eight bids for the prime freehold site, a testament to its strong redevelopment potential. The winning bid of SGD72 million translates to approximately SGD1,373 per plot ratio. Depending on the size of their units, each owner can potentially receive between SGD3.3 million and SGD4.5 million.”
Jervois Gardens sits on a freehold land area of 3,162.3 sq m (approximately 34,038 sq ft) which could yield a gross floor area (GFA) of 4,870 sq m (approximately 52,419 sq ft), including an additional 10% GFA for balconies. The site is well located between the Redhill MRT station and the future Great World City MRT station. Its proximity to the nearby park connector will provide the 50-70 homes that can potentially be built on the site with amenities that promote a healthy lifestyle.
Andrew Khor, Chairman of the Collective Sale Committee for Jervois Gardens, commented, “We are extremely pleased that Colliers International has managed to achieve the best outcome for all of our owners. The team at Colliers International has been very efficient, structured and transparent throughout the entire process and kept us constantly updated every step of the way. Speaking on behalf of the owners, we are very satisfied with the positive result.”
The sale is subject to the approval of the Strata Titles Board.
For further information, please contact:
Tang Wei Leng （邓慧玲）
Phone: +65 6531 8688
Mobile: +65 9639 6183
Geraldine Teo, Associate Director
Marketing and Communication
Phone: +65 6531 8610
Mobile: +65 9069 6946