Petit Jervois $72M Enbloc SC Global
Petit Jervois is a freehold development locatedin the highly city fringe area of Jervois Road that is in close proximity to many shopping centres in Orchard Road as well as the Redhill area. Petit Jervois is the former Jervois Garden Enbloc that was successfully sold to to SC Global for $72M. Jervois Green consist of 14 masionettes that the owners have agreed to collectively sell the units to the upscale developer.
Whenever a prominent deal happens with the state, many people are interested to know the details and the current status of the agreement because it affects a lot of people especially big investors. Same is the case with a deal that happened in 2017; yes I am talking about a great deal of selling jervois gardens that fetched $72M in total. The party that was able to get the property after a fierce competition through tender biding was Brownstone Limited, a subsidiary of SC Global, which is a renowned luxury residential developer. When we calculate the price per square foot ratio to per plot, it works out to be around $1,510, and there are no incidental or other development charges which are payable.
Tender Project Details for Petit Jervois in August 2017
After the tender opened on August 29, 2017, eight bids were received, and after a very tough competition, brownstone was the company that was awarded this place because of the highest effort that collectively was $72m. Colliers International Singapore was the entity that was responsible for executing the deal. The reserve price of the energy was fixed to be $68m, and brownstone was quickly able to win the bid with just an increase of $4m and the best part to this winning was that there were no development charges that stood payable to the state after the bid.
Colliers International has stated that the fact of receiving eight bids shows a high potential of re-development of this site. There is an excellent opportunity of business here because the site has a regular shape with least hindrances and there is an expectation of five-story development with at least 60 units that would be comprised of 850 sq. Ft. These apartments would either be 2 bedrooms or 3 bedrooms which would be enough to reside in small families. In the existing market, freehold land has become scarce, and it is tough to find a place to build such a massive building.
Average of 60 Units at Petit Jervois Based on Size and Square Feet Details
If we look at the statistical figures for recent projects, it indicates that there is a high possibility of earning at least $2,300 per square foot. This would be a handsome amount to get out of this project. That is why this project is considered to be a sweet project under 100m. Numerous reasons would make this place a perfect place for residential apartments because the main road is just nearby and thus the public transport would not be a problem. Another great attraction to this site is that it is located closeby to the business hub which is just a ten-minute drive away.
Petit Jervois Project Details
A wonderful and unique lifestyle awaits you. Please see Petit Jervois site plan and floor plans for more information.