Jervois Gardens will be launched for collective sale by tender on Aug 29, according to marketing agent Colliers International. The asking price is in the region of $68 million, which works out to $1,297 psf per plot ratio. The tender exercise for Jervois Gardens will close on Sept 26. Each owner will get between $3 million to above $4 million from the sale.

Jervois Gardens comprises two four-storey walk-up blocks, accommodating 14 maisonettes and three apartments. It sits on a freehold site of approximately 34,038 sq ft. The site is zoned for ‘Residential’ use with a plot ratio of 1.4. According to Colliers, it can be redeveloped into a 5-storey development comprising 60 units of approximately 850 sq ft each, subject to approval by the relevant authorities.

According to Colliers, a smaller freehold site along River Valley Road, close to Jervois Gardens, was recently acquired for $110 million, or $1,582 psf per plot ratio. The selling price of newer projects in the area, which are largely leasehold, such as Mon Jervois, Principal Garden, The Crest, Alex Residence, are in the region of $1,900 to $2,350 psf.

“Freehold sites are hard to come by in the current market and developers’ land banks are steadily depleting,” says Tang Wei Leng, managing director of Colliers. “Jervois Gardens offers developers the opportunity to build well-designed affordable two- and three-bedroom apartments in prime district 10.”

Credit: Colliers International