Investors led by restaurateur Mike Ho, third-generation owner of Chinese restaurant Spring Court, have bought the eight-unit Jervois Green for $52.9 million, announced marketing agent Colliers International on Dec 6.
The sale price, which is 10% higher than the owner’s asking price of $48 million, works out to $1,601 psf per plot ratio (ppr), including an estimated development charge of $6.95 million. As the property was sold by a single seller, no approval from the Strata Titles Board or the High Court is required for the completion of the sale.
Under the 2014 Master Plan, the Jervois Green site is zoned ‘Residential’ with a plot ratio of 1.4. According to Colliers, it can be redeveloped into a five-storey development of 42 units measuring about 850 sq ft each, subject to authorities’ approval. Colliers expects the future development to be priced above $2,500 psf.
Ho, who owns a portfolio of shophouses, says he is an active investor in the real estate market and has been scouting for opportunities with his friends. The Jervois Green site is of an “ideal” size (about 26,700 sq ft) and it has a prime location, which offers “exciting future redevelopment potential”, he adds.
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