Close to Orchard Road but quiet is a selling point for private housing on Jervois Road, which is characterised by a high concentration of small, low-rise developments, traditionally favoured by buyers and a popular environment for expatriate tenants.
However, Jervois Privé, which is about to receive its Temporary Occupation Permit (TOP), still has 93% of its units for sale.
Jervois Privé, located in Post 10, is a redevelopment of the former Jervois Green site acquired by developer Jervois Midas in 2017 for $52.9 million and is expected to receive its Provisional Occupation Permit this month.
The concessionary price per square foot at Bewitched Court starts from $2,816 when it is launched for preview in May 2019, with asking prices starting from $1.62 million for a one-bedroom unit, $2.01 million for a two-bedroom unit and a minimum asking price of $3.18 million for a three-bedroom unit.
So far, only three units have been sold in the 45-unit freehold project. According to the Urban Redevelopment Authority website, a three-bedroom plus study unit sold in June 2019 for $2,817 per square foot, while the other two units were two-bedroom units that closed last August; the 732-square-foot unit came in at $2,672 per square foot, while the 807-square-foot unit was priced at $2,767 per square foot.
The 99.co website shows that the current pro-forma price per square foot for Bellevue Court is $2,712 to $3,653.
In stark contrast to the slow sales of Vivian Court, the newest development in the area, Jervois Mansion, with 130 units, is the larger project in the area.
The developer, Kimen Group, launched 105 units in October 2021 and sold one five-bedroom unit over a weekend at an average price of $2,548 per square foot.
At the time, it was rare to find a freehold project in the Central District that was priced below $2,800 per square foot, which was a very attractive aspect of Cheok Yuen, as well as the fact that it was the first private property to be awarded the Gold Plus Super Low Energy Green Building Mark by the Construction Authority, which also attracted buyers who were concerned about and supportive of sustainability issues.
The developer has now sold all the units; the last three transactions were completed in January, February and April last year, with square footage prices ranging from $2,177 to $2,553. At less than $2 million for a new 800 sq ft luxury home, the price is indeed attractive.
A walk down Zervois Road reveals at least 10 non-landed private residential projects, with completions ranging from the earlier Casa Jervois (1990) and Clydesview (1991) to the newer project Petit Jervois (2022), all of which are small private developments with fewer than 60 units each.
Neither of the older projects has changed hands in the past year, while the newer Petit Jervois has seen relatively active transactions.
This project, which was granted a Provisional Occupation Permit last year, has a total of 55 units, also in freehold short-storey buildings, with each unit measuring between 800 and 1,000 square feet and being offered for sale at close to $2,800 and $3,000 per square foot.
Petit Jervois had two transactions in December last year, with a 1,001 sq ft unit selling for $3.19 million at $3,187 per sq ft.
A unit of the same size sold for $2.86 million last June at $2,852 per square foot, an increase of around 12% in six months.
Another smaller unit of 958 sq ft sold in December for $3.03 million at $3,165 per sq ft.
The larger project in the area, Mon Jervois, was completed in 2016 and is a five-storey, 109-unit private residence with a 99-year lease. The latest transaction was completed in November last year, with a 2,368 square foot unit sold for $3.79 million at $1,600 per square foot.
The Crest, which is similar in age to Monarch, is located in Prince Charles Bend, adjacent to Zevers Road, and is also a 99-year leasehold development.
Completed in 2017, The Crest is a 23-storey building with 469 units and the latest price for a 1,518 sq ft unit is $1,865.
Compared to the private residences on Jervis Road, Kingswood Court is closer to amenities such as Park Lane Road, Redhill Pasir Ris and Redhill MRT Station.
With Yan Wing Shing School and Alexandra Primary School nearby, residents can enjoy a peaceful environment while being closer to the daily needs of life, making it a better choice than Zervis Road for families with children.
The increasing number of family offices and high net worth individuals moving into the country in the last two years is expected to increase the investment demand for local high-end private residential properties, which is expected to push up the appreciation potential of private residential properties in Zervis Road.
