Jervois Gardens up for sale by tender

The development sits on an approximately 34,038 sq ft site.

Colliers International is putting up for sale by tender Jervois Gardens, located at 30F and 30G Jervois Road. The tender will close on September 26, 2017, at 3pm.

Jervois Gardens comprises two four-storey walk-up blocks, accommodating a total of 14 maisonettes and three apartments. The development currently sits on a freehold site that is regular in shape with a site area of approximately 34,038 sq ft.

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 60 units of approximately 850 sq ft each, subject to approval by the relevant authorities.

Tang Wei Leng, Managing Director at Colliers International, says, “Jervois Gardens is nestled in the prestigious Jervois/Bishopgate low-rise private residential developments and good class bungalows area. The asking price for the subject property is in the region of SGD68 million, which works out to be SGD1,297 per sq ft (psf) per plot ratio (ppr), inclusive of the additional 10% Gross Floor Area for balcony and assuming no development charge payable. Each owner will get between SGD3 million to above SGD4 million from the collective sale.”

A smaller freehold site along River Valley Road, in close proximity to Jervois Gardens, was recently acquired for SGD110 million, which translates to SGD1,582 psf ppr. The selling price of newer projects in that area, which are largely leasehold, such as Mon Jervois, Principal Garden, The Crest, Alex Residence are in the region of SGD1,900 to SGD2,350 psf.

Tang adds, “Freehold sites are hard to come by in the current market and developers’ landbanks are steadily depleting. Jervois Gardens offers developers the opportunity to build well-designed affordable 2-bedroom and 3-bedroom apartments in prime district 10.”

The subject site is strategically located off River Valley Road, and is connected to the other parts of Singapore via major expressways. It is also conveniently located near several MRT stations including Tiong Bahru and Redhill MRT stations on the East-West Line, as well as the upcoming Great World MRT station on the Thomson Line (slated to open in 2021). Amenities are also easily accessible at the nearby Valley Point, Great World City and numerous shop houses along River Valley Road.