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Jervois Green up for tender with S$48 million asking price

JERVOIS Green is going on the market with a tender exercise that opens on Tuesday.

The S$48 million asking price for the freehold development, which sits on a 27,356 sq ft site, works out to S$1,373 per sq ft (psf) per plot ratio (ppr).

Marketing agent Colliers International noted that the eight-apartment project could be turned into a 43-unit redevelopment, subject to approval.

A development charge of S$9.865 million is payable for the site at 100A, Jervois Road, which is zoned for residential use with a plot ratio of 1.4.

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Colliers International managing director Tang Wei Leng noted in a press release that Jervois Green is held under single ownership, "which offers developers shorter turnaround time to launch the new units for sale quickly".

It is less than one km away from Jervois Gardens, a freehold residential development that was sold en bloc in September to an SC Global unit for S$72 million.

That transaction also worked out to a land price on a unit basis of S$1,373 psf ppr.

The tender for Jervois Green will close on Dec 5 at 3 pm.