Jervois Green, a four-storey freehold development at 100A Jervois Road, has been sold for $52.9 million to investors led by Mr Mike Ho, a third-generation owner of Spring Court, one of Singapore’s oldest Chinese restaurants.
The price works out to a land rate of $1,601 per square foot per plot ratio, inclusive of an estimated $6.95 million development charge.
Colliers International, which brokered the deal, said the sale price was 10 per cent higher than the owner’s asking price of $48 million when the tender was launched on Nov 7.
Jervois Green, which comprises eight apartments, sits on a plot of around 26,700 sq ft.
The District 10 property was held under single ownership and the sale is not subject to approval from the Strata Titles Board or High Court.
The tender closed on Dec 5.