Jervois bungalow up for sale at over $30m

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Jervois bungalow up for sale at over $30m

Post by singaporeproperty » Thu Sep 26, 2013 2:26 pm

Published September 26, 2013

Jervois bungalow up for sale at over $30m

Price for freehold plot works out to $2,024 psf of land

By Lee U-Wen

A THREE-STOREY bungalow along Jervois Road in District 10 has been put up for sale by tender, with the owner expecting offers of more than $30 million.

The freehold property, located about a five-minute drive from Orchard Road, has a land area of 1,377 sq m and is designed in period architecture, said sole marketing agent Knight Frank Singapore yesterday.

The existing bungalow has six bedrooms, four of which are ensuites, a basement entertainment room, a dining room for 34 guests, a roof-top open terrace and enough parking space for 12 cars, among other features.

The property was built 20 years ago in 1993, and Knight Frank reckons there is potential to add more bedrooms and living space.

"This is a choice property in Jervois Road, a prime area where landed properties with such a large land size and new development plots are scarce," said Ian Loh, director and head of Investment and Capital Transactions.

He added that the property was attractive because of its appeal to both homebuyers as well as developers.

Homebuyers have the option of carrying out additions and alterations or rebuilding the existing property into an exclusive new bungalow or even a five-storey mansion, with separate wings to house their extended families, said Mr Loh.

As for developers, they could choose to re-develop the site into either conventional or cluster landed houses, or strata residential units.

With a price of above $30 million, Knight Frank said this would translate to a rate of $2,024 per sq ft on land.

From a redevelopment perspective, this is equivalent to a land rate of $1,674 per square foot per plot ratio (psf ppr), including an estimated development charge of $4.7 million for redevelopment of apartments up to a gross plot ratio of 1.4.

"We expect this property to attract strong interest in view of its strategic location and relatively affordable investment size," said Mr Loh.

"It also offers quick turnaround time for prospective purchasers as there is no STB (strata title board) approval required, and vacant possession can be delivered upon completion of sale," he added. ... m-20130926

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