POSTED: 09 Dec 2013 14:21 | CNA

SINGAPORE

The owners of Jervois Gardens, a freehold residential development off River Valley Road, are putting their estate up for sale by tender.

Colliers International, which is handling the sale, said the owners want S$72 million for the site in District 10, which works out to S$1,510 per square foot per plot ratio — assuming no development charge is payable and subject to baseline confirmation.

Located at 30F and 30G Jervois Road, the development comprises two four-storey walk-up blocks, with fourteen maisonettes and three apartments.

Depending on the size of their units, this would allow owners of the 17-unit development to reap between $3.3 million and $4.5 million each,

Under the 2008 Master Plan, the site can be re-developed into a five-storey development comprising approximately 65 apartment units of 800 sq feet each, subject to approval by relevant authorities.

Tang Wei Leng, executive director of investment services at Colliers International, said: “This small freehold site offers developers a quick turnaround time. Coupled with the excellent location, the site offers much opportunities and investment potential for the successful bidder.”

Colliers said the selling prices of the nearby RV Residences, RV Edge and The Montana are in the region of S$1,900 to S$2,250 per square foot. New launches — such as the leasehold developments, Mon Jervois and Echelon — also achieved selling prices as high as S$2,474 per square foot.

The tender will close on January 22, 2014.

– CNA/ac

http://www.channelnewsasia.com/news/business/singapore/jervois-gardens-up-for/915534.html