The redevelopment frenzy remains in high gear with freehold estate Jervois Green going up for sale today, just weeks after nearby Jervois Gardens found a buyer.
Jervois Green has an asking price of $48 million, which works out to $1,373 per sq ft (psf) per plot ratio, inclusive of the 10 per cent additional gross floor area for balconies. That closely matches the unit price Jervois Gardens – also a freehold project of low-rise homes – fetched.
Market watchers said the comparable price could tempt developers to bite, especially compared with the selling price of newer projects in the area that are hovering between $1,900 psf and $2,350 psf.
Another lure is that redevelopment of the eight-unit Jervois Green could increase the number of apartments to more than 40.
There is another prime selling point: It is under single ownership.
Ms Tang Wei Leng, managing director of marketing agent Colliers International, said being under single ownership “offers developers shorter turnaround time to launch the new units for sale quickly”.
Jervois Green was completed in the late 1980s and sits on a 27,356 sq ft plot with a 1.4 plot ratio.
It is near Crescent Girls’ School, Tiong Bahru and Redhill MRT stations and the upcoming Napier and Great World stations.
Colliers International said the Jervois Road site could be turned into a 43-unit development five storeys high, with a development charge pegged at roughly $9.865 million. That would make each new home around 850 sq ft.
The tender for Jervois Green closes on Dec 5 at 3pm.
Jervois Gardens was sold in September for $72 million to a unit of SC Global, in what was its third attempt for a collective sale property.