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| BY AMY TAN | THE EDGE | JULY 9, 2012
Resale transactions are picking up in the Jervois neighbourhood of prime district 10. According to caveats lodged with URA, six condominium units were sold in the resalemarket in June.
Jervois Grove
At the freehold Jervois Grove, located on Jervois Road off River Valley Road, a 1,399 sq ft unit changed hands on June 12 at $1.88 million, or $1,344 psf. The 18-unit apartment block was completed in 1986, but URA Realis’ database of caveats lodged only dates back to January 1995. In the last 13 years, that unit has changed hands at least five times. The most recent transaction, at $1,344 psf, is also the highest in terms of unit price achieved for the apartment and the development to date.
Meanwhile, at the 45-unit high-rise Jervois Jade Apartments, located at the end of Jervois Grove, off River Valley Road, there has been quite a lot of activity. Jervois Jade is a single-block 99-year leasehold condo completed 12 years ago by Guthrie properties.
Both One Jervois (above) and Jervois Jade (below) have seen buyer interest
Next to it is the 275-unit freehold One Jervois condo developed by Frasers Centrepoint. Property agents reckon the recent surge in activity could be due to the relative gap in pricing between the two adjacent developments.
At Jervois Jade, there were at least three transactions in recent weeks, with prices from $1,000 psf to under $1,200 psf. A 1,044 sq ft, two-bedroom apartment on the seventh floor was sold for $1.22 million ($1,168 psf). The seller had purchased it from the developer in 2000 for $738,030 ($707 psf). In another transaction, a 2,056 sq ft, four bedroom apartment on the 17th floor was sold for $2.17 million ($1,055 psf). The unit changed hands in the resale market twice in recent years: in 2009 for $1.7 million ($827 psf) and in 2004 for $980,000 ($477 psf). In a third transaction, a 1,141 sq ft, 2+1 bedroom unit on the fourth floor changed hands for $1.31 million ($1,148 psf) recently. The previous owner had purchased the apartment from the developer in July 2001for $660,000 ($578 psf).
At One Jervois, two resale transactions in the $1,500 psf range were captured on URA Realis last month. One was for a 2,239 sq ft, four-bedroom unit on the 12th floor unit that changed hands for $3.35 million ($1,496 psf), while the other was for a 1,087 sqft, two-bedroom unit on the third floor that went for $1.65 million ($1,518 psf).
The Jervois Road area is popular with expatriates because of its quiet and tranquil surroundings, observes Steven Seah, senior group division head at Savills Residential. Bargain hunters who are mainly Singaporeans looking for investment property have been zooming in on resale units on the fringe of Orchard Road, such as the Jervois area, River Valley, Somerset and even Holland Road. Even after factoring in the cost of renovating the unit, investors will still be able to enjoy a good yield of 3% to 4% in the River Valley area, estimates Seah.
Resale transactions are picking up in the Jervois neighbourhood of prime district 10. According to caveats lodged with URA, six condominium units were sold in the resalemarket in June.
Jervois Grove
At the freehold Jervois Grove, located on Jervois Road off River Valley Road, a 1,399 sq ft unit changed hands on June 12 at $1.88 million, or $1,344 psf. The 18-unit apartment block was completed in 1986, but URA Realis’ database of caveats lodged only dates back to January 1995. In the last 13 years, that unit has changed hands at least five times. The most recent transaction, at $1,344 psf, is also the highest in terms of unit price achieved for the apartment and the development to date.
Meanwhile, at the 45-unit high-rise Jervois Jade Apartments, located at the end of Jervois Grove, off River Valley Road, there has been quite a lot of activity. Jervois Jade is a single-block 99-year leasehold condo completed 12 years ago by Guthrie properties.
Both One Jervois (above) and Jervois Jade (below) have seen buyer interest
Next to it is the 275-unit freehold One Jervois condo developed by Frasers Centrepoint. Property agents reckon the recent surge in activity could be due to the relative gap in pricing between the two adjacent developments.
At Jervois Jade, there were at least three transactions in recent weeks, with prices from $1,000 psf to under $1,200 psf. A 1,044 sq ft, two-bedroom apartment on the seventh floor was sold for $1.22 million ($1,168 psf). The seller had purchased it from the developer in 2000 for $738,030 ($707 psf). In another transaction, a 2,056 sq ft, four bedroom apartment on the 17th floor was sold for $2.17 million ($1,055 psf). The unit changed hands in the resale market twice in recent years: in 2009 for $1.7 million ($827 psf) and in 2004 for $980,000 ($477 psf). In a third transaction, a 1,141 sq ft, 2+1 bedroom unit on the fourth floor changed hands for $1.31 million ($1,148 psf) recently. The previous owner had purchased the apartment from the developer in July 2001for $660,000 ($578 psf).
At One Jervois, two resale transactions in the $1,500 psf range were captured on URA Realis last month. One was for a 2,239 sq ft, four-bedroom unit on the 12th floor unit that changed hands for $3.35 million ($1,496 psf), while the other was for a 1,087 sqft, two-bedroom unit on the third floor that went for $1.65 million ($1,518 psf).
The Jervois Road area is popular with expatriates because of its quiet and tranquil surroundings, observes Steven Seah, senior group division head at Savills Residential. Bargain hunters who are mainly Singaporeans looking for investment property have been zooming in on resale units on the fringe of Orchard Road, such as the Jervois area, River Valley, Somerset and even Holland Road. Even after factoring in the cost of renovating the unit, investors will still be able to enjoy a good yield of 3% to 4% in the River Valley area, estimates Seah.
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