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DEAL WATCH: Penthouse at One Jervois going for $3 mil

By Angela Teo

/ EdgeProp |

December 2, 2017 3:00 PM SGT

A 1,959 sq ft, three-bedroom penthouse at One Jervois has been put on the market, with an asking price of $3 million ($1,531 psf). Nik Tan, assistant division director at PropNex Realty, who is marketing the corner unit, says, “This is definitely a good price, as another slightly smaller penthouse (1,948 sq ft) was just sold in August at $3 million, which works out to about $1,540 psf.”

The north-east-facing penthouse has two levels. On the lower level is a kitchen, living room and bedroom with an en suite bathroom, while the upper level contains the master bedroom, a third bedroom and a study area. The master bedroom has a balcony of about 200 sq ft.

“The unit, which offers views of the city, is currently tenanted until November 2018 at $6,800 a month,” says Tan. Based on the asking price, this works out to a gross rental yield of about 2.7%.

Exterior of One Jervois (Credit: Samuel Isaac Chua/The Edge Singapore)

The corner penthouse at One Jervois is currently leased out at a monthly rent of $6,800 until November 2018 (Credit: Samuel Isaac Chua/The Edge Singapore)

The 275-unit freehold One Jervois is located close to the collective sale site Jervois Gardens, which was bought by SC Global for $72 million ($1,373 psf per plot ratio) in September. Completed in 2009 by Frasers Centrepoint, One Jervois is in the Bishopsgate and Jervois Road neighbourhood and near the Chatsworth Park Good Class Bungalow Area.

One Jervois was designed by Singapore-based ADDP Architects and consists of one- to four-bedroom units, maisonettes and penthouses in two 12-storey blocks. Launched in 2006, the condominium was close to 75% sold within that year. The 205 units sold then were transacted at an average price of $1,004 psf. One Jervois was fully sold in 2007.

The development is located within walking distance of Valley Point Shopping Centre on River Valley Road, which has tenants such as FairPrice Finest, Starbucks and Erwin’s Gastrobar. Valley Point Shopping Centre is just a few bus stops away from the Orchard Road shopping belt.

Other amenities within reach by public transport include Tiong Bahru Plaza and Great World City. One Jervois is also within a 1km radius of educational institutions such as Alexandra Primary School and Crescent Girls’ School.