The en bloc fever remains high with Jervois Green, a freehold estate, going up for collective sale. This is just weeks after nearby Jervois Gardens found a buyer.
Jervois Green is asking for $48 million, which translates to $1,373 per sq ft (psf) per plot ratio, inclusive of the 10 per cent additional gross floor area for balconies. This is about the same price which nearby Jervois Gardens is sold.
This comparable price could tempt developers to bite, especially if you compare the selling prices of nearby newer projects at $2,350 psf.
The eight unit Jervois Green could also have more apartments from the current eight. Jervois Green is under a single ownership, making the turnaround time to launch new units faster.
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 also near Crescent Girls’ School, Tiong Bahru, Redhill MRT, Napier and Great World stations.
Jervois Green could be redeveloped to a 43-unit development of five storeys high. The development charge is about $9.865 million. New units are likely to be around 850 sq ft.
Jervois Gardens was sold in a collective sale in September for $72 million to a unit of SC Global, in what was its third attempt for a collective sale property.
Adapted from: The Straits Times, 7 November 2017