SC Global unit buys Jervois Gardens for S$72m

Sep 27, 2017

A SUBSIDIARY of luxury residential developer SC Global has picked up Jervois Gardens through a collective sale at S$72 million. The price works out to nearly S$1,511 per square foot per plot ratio (psf ppr) for the 34,038-sq-ft freehold site. No development charge is payable.

Under the Urban Redevelopment Authority's Master Plan 2014, the site is zoned for residential use with 1.4 plot ratio. Inclusive of an additional 10 per cent gross floor area (GFA) for balconies, the unit land price works out to a lower S$1,373 psf ppr. The sale is subject to the approval of the Strata Titles Board.

The SC Global subsidiary that has been awarded the Jervois Gardens collective sale is Brownstone Pte Ltd. Colliers International brokered the sale. The tender for the site closed on Sept 26, attracting eight bids.

Jervois Gardens, comprising two low-rise blocks of 14 maisonettes and three apartments, is located at 30F and 30G Jervois Road. Depending on the size of units, each owner can potentially receive between S$3.3 million and S$4.5 million.

Tang Wei Leng, managing director of Colliers International Singapore, said: "This is Jervois Gardens' third attempt at a collective sale and we are very proud to have facilitated its successful sale." The eight bids received is testament to the prime freehold site's strong redevelopment potential, she added.

The site can yield a GFA of about 52,419 sq ft, including the additional 10 per cent GFA for balconies, Colliers said. "The site is well located between the Redhill MRT Station and the future Great World City MRT Station. Its proximity to the nearby park connector will provide the 50 to 70 homes that can potentially be built on the site with amenities that promote a healthy lifestyle."

Andrew Khor, chairman of the collective sale committee for Jervois Gardens, commented: "The team at Colliers International has been very efficient, structured and transparent throughout the entire process."