Situated just adjacent to some of newer projects such as Mon Jervois by SingLand and Principal Garden by UOL, Jervois Gardens have been sold through a collective sale worth $72 million (or approximately $1,511 psf ppr) to a subsidiary firm (Brownstone Pte Ltd) owned by luxury property developer SC Global.
Jervois Gardens is currently sitting on a freehold site, with an area of 34,038 sq ft, it’s being zoned for residential property use with a gross plot ratio of 1.4 – under the Master Plan 2014.
Including the additional 10% gross floor area (or GFA) for balcony spaces, the psf ppr for the land will work out to be lower at around $1,373 – subject to approval from the Strata Titles Board (STB).
The collective sale of Jervois Gardens comprises of 14 maisonette units and 3 apartment units across 2 blocks be sold, with each owners expecting to reap a payout between $3.3 million to $4.5 million – depending on the unit sizes.
According to reports, this was Jervois Gardens’ 3rd attempt at an en bloc and have received a total of 8 bids this time round.
The site could yield approximately 50 to 70 units, based on a maximum GFA of 52,419 sq ft and is located between Redhill MRT Station and the upcoming Great World City MRT Station.
Analysts have also noted that haven’t been much freehold sites available within this prime area in Singapore, with most of them coming in as 99-year leasehold projects. The only noticeable new launch freehold project within the precinct would be 38 Jervois by Prominent Land – with only 27 exclusive units for sale.