Business

Jervois Green sold for $52.9m

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, the owner of Spring Court, one of the oldest Chinese restaurants here.

The price works out to a land rate of $1,601 per sq ft 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 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.

Ms Tang Wei Leng, managing director at Colliers International, said there were six bids.

The tight bids not only reflect the market consensus on the pricing in the area but also signal the positive sentiment among bidders amid a comeback in the residential property market, she added.

Colliers said the 2014 Master Plan has zoned the site for residential use with a plot ratio of 1.4. - THE STRAITS TIMES

Property