Around 50 to 70 units could be built on the freehold site. (Photo Colliers International)
Brownstone, a subsidiary of luxury developer SC Global, has acquired Jervois Gardens for $72 million, or $1,373 psf per plot ratio, reported Channel NewsAsia citing Colliers International.
Launched for tender on 29 August, the freehold development had an asking price of about $68 million. Its third attempt at a collective sale, Jervois Gardens features two low-rise blocks of 14 maisonettes as well as three apartments.
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Located between the future Great World City MRT station and the Redhill MRT station, the 3,162.3 sq m site has a gross plot ratio of 1.4 and is zoned residential under the 2014 Master Plan.
“We received a total of eight bids for the prime freehold site, a testament to its strong redevelopment potential,” said Tang Wei Leng, managing director at Colliers.
She noted that each homeowner stands to gain $3.3 million to $4.5 million, depending on the size of their units.
Jervois Gardens could yield a gross floor area (GFA) of 4,870 sq m, inclusive of an additional 10 percent GFA for balcony space. With this, around 50 to 70 homes could be built on the site, noted Colliers.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
