A team of investors led by a restaurateur clinched the property.
The four-storey freehold development Jervois Green has been sold to investors led by a restaurateur for $52.9m or $1,601 psf, Colliers revealed.
According to a press release, the investors were led by Mike Ho, a third generation owner of one of Singapore's oldest Chinese restaurants Spring Court.
The sale price was 10% higher than the owner’s asking price of $48m when the tender was launched on 7 November 2017. It also includes a development charge of $6.95m.
Jervois Green, which comprises eight apartments, has a site area of approximately 26,700 sqft.
Colliers International managing director Tang Wei Leng said, "The tender for Jervois Green drew strong interest with six bids received from a wide spectrum of investors and developers. The tight bids not only reflect the market consensus on the pricing in the locale but also signal the positive sentiment among bidders on the back of a comeback in the residential property market."
Here's more from Colliers International:
The future selling price for the new development is envisaged to be above $2,500 psf or from $2.1m per unit. The new development will likely appeal to a diverse group of buyers given its prime location in the prestigious Tanglin neighbourhood.
Jervois Green is also located near several MRT stations including Redhill MRT station on the East-West Line, as well as the upcoming Orchard Boulevard and Great World MRT stations on the Thomson-East Coast Line (due to open in 2021).
Jervois Green enjoys convenient access to a wide range of amenities, including the Alexandra Park Connector, three malls - Tanglin Mall, Valley Point, Great World City - as well as Alexandra Primary School, Crescent Girls’ School and Queenstown Secondary School.
The subject property was held under single-ownership and the sale is not subject to approval from the Strata Titles Board/High Court.
Do you know more about this story? Contact us anonymously through this link.