Jervois Green up for sale at $48 million
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. That closely matches the unit price of Jervois Gardens, also a freehold project of low-rise homes.
Observers said the comparable price could tempt developers, especially when the selling price of newer projects in the area hover 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.
Another prime selling point is that it is under single ownership.
Mr 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 sits on a 27,356 sq ft plot with a 1.4 plot ratio. It is near Tiong Bahru and Redhill MRT stations and the upcoming Napier and Great World stations.
Colliers International said the land could be turned into a five-storey development with 43 units. The tender for Jervois Green closes on Dec 5 at 3pm. - THE STRAITS TIMES