SINGAPORE: Jervois Gardens has been sold for S$72 million in the latest en-bloc sale in Singapore, announced marketing agent Colliers International on Tuesday (Sep 26).
The freehold development, which had an asking price of around S$68 million, comprises two low-rise blocks of 14 maisonettes and three apartments located at 30F and 30G Jervois Road. The property was snapped up by Brownstone, a subsidiary of SC Global.
The site, which was launched for tender on Aug 29, is zoned for residential use with a gross plot ratio of 1.4 under the 2014 Master Plan.
It was Jervois Gardens’ third attempt at a collective sale.
"We received a total of eight bids for the prime freehold site, a testament to its strong redevelopment potential," said Colliers' managing director Tang Wei Leng.
She added that the winning bid translated to about S$1,373 per plot ratio. Depending on the size of their units, each owner can potentially receive between S$3.3 million and S$4.5 million, said Ms Tang.
Jervois Gardens, which sits on a freehold land area of 3,162.3 sq m, could yield a gross floor area (GFA) of 4,870 sq m, including an additional 10 per cent GFA for balconies. Between 50 and 70 homes can potentially be built on it, Colliers said.
The property is located between the Redhill MRT station and the future Great World City MRT station.