Aerial view of the 130-unit Jervois Mansion at 18 Jervois Road (Artist's impression: Kimen Group)
SINGAPORE (EDGEPROP) - Niche developer Kimen Group announced that 103 out of a total of 105 units released at its maiden project Jervois Mansion had been sold as of Oct 16. This brings sales to 98%. The developer is retaining the remaining 25 units in the 130-unit low-rise condo for investment. (Read more: Jervois Mansion – most affordable CCR project launch of the year?)
Of the 103 units sold, 29 were taken up during the VIP preview a fortnight ago. Based on caveats lodged with URA Realis to date, these fetched an average price of $2,346 psf at the VIP preview from Sept 30 to Oct 4.
On the day of its official launch on Oct 16, units were sold from $2,241 psf to a high of $2,898 psf. The price was achieved for an 861 sq ft, two-bedroom-plus-guest unit on the penthouse level (fifth floor) that was snapped up for just under $2.5 million.
In fact, the two-bedroom-plus-guest (797 to 861 sq ft) and three-bedroom (1,001 to 1,023 sq ft) types were the most popular, and were among the first unit types to be sold out, says Arthur Aw, director of Kimen Group. “Most of the buyers of the three-bedroom units intended to occupy the units themselves,” he adds.
Showflat of a two-bedroom unit on the ground floor with 4.57m ceiling height (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Jervois Mansion is a redevelopment of the former Jervois Mansions, which Aw’s father, the late Aw Kim Chen, founder of Kimen Group, had built more than 38 years ago. Previously, the site had three Good Class Bungalows (GCBs), which the late Aw purchased one after another in 1980. He then amalgamated the three sites to create a 93,183 sq ft, freehold site. The existing 32-unit Jervois Mansions was completed in 1985, and Kimen Group has been holding the property for investment over the years.
Tenants of the existing Jervois Mansions will be moving out of the premises by 3Q2022 to make way for its redevelopment. The new 130-unit, Jervois Mansion will be spread across six 5-storey blocks. Units range from one-bedders of 495 sq ft to five-bedroom, dual-key units of 1,808 sq ft.
Only two units at Jervois Mansion were available for sale at the close of Oct 16, namely a four-bedroom unit and a five-bedroom unit. They will be priced above $2,800 psf. “[It’s] still a very reasonable price compared to the nearby Bishopsgate Residence,” says Kimen Group’s Aw.
At Bishopsgate Residence, a 2,917 sq ft, four-bedroom unit was sold for $11.2 million ($3,840 psf) in June, which was the latest caveat lodged in the 31-unit, luxury project completed in 2012.
With close to 100,000 sq ft of freehold land, and rooftops of the six blocks connected by bridges, the developer was able to create generous landscaping and facilities (Photo: Samuel Isaac Chua/EdgeProp Singapore)
More than 300 cheques were received as expressions of interest in the fortnight ahead of this weekend’s launch of Jervois Mansion. While there were a few permanent residents and foreigners among the buyers, a majority were local Singaporeans, says Ken Low, managing partner of SRI, one of the three property agencies that were marketing the project.
As demand swelled, the final 22 units were priced from $2,706 psf to $2,900 psf. “There was a frenzy as units were already limited,” says SRI’s Low. “It signifies the strength of the high-end market, especially when it comes to a quality project in a prime location.”
About 35% or 36 units went to multiple-unit purchasers. “These were people buying for their children as a legacy, given the freehold status, the prime location in Jervois, and the strength of the design and efficiency of the layout,” continues Low.
According to Dominic Lee, head of luxury team at PropNex, the conversion rate for multiple-unit purchases was significantly higher than the norm: “It was over 70% at Jervois Mansion, compared to the normal conversion rate of 30% for most projects,” he says.
Showflat of a four-bedroom unit at Jervois Mansion, where unit sizes start from 1,439 sq ft and the remaining unit is priced from $2,800 psf (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Besides the pricing, the scale of the project and its land size added to its appeal, notes Lee. With close to 100,000 sq ft of freehold land, and rooftops of the six blocks connected by bridges, the developer was able to create generous landscaping and facilities, he adds.
“The landscaping of the project appealed to a lot of people,” agrees Doris Ong, COO of ERA Realty Network. “While most had been drawn by the pricing of the project, once they entered the sales gallery, it was the product that drew them,” she adds. “Pricing became a secondary consideration.”
Ong sees the strong sales at Jervois Mansion kick-starting sales activity at other projects in the prime District 10 neighbourhood. For instance, on the back of Jervois Mansion’s launch, a unit at Petit Jervois was sold on Oct 16 too. The 55-unit luxury project by SC Global Developments was launched in Nov 2018. Based on caveats lodged, nine units have been sold to date, with the latest in July, at a high of $2,944 psf.
For Kimen Group, its advantage is its familiarity with the location, having had a presence there for 38 years. According to Aw, “Most of the buyers are familiar with the Jervois area and they love the neighbourhood.” The 25 units that the group is holding onto are the premium three- and four-bedroom units, which would give it about 20% stake in terms of the strata and share value in the development. That would also give it a say in any future redevelopment of the project.