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Analysts say that buyers are increasingly looking at the core central region (CCR), as prices rise in suburban areas. This sentiment was evident after Jervois Mansion, a low-rise residential community, moved 104 apartments from the 105 that were up for sale. The median price per square foot was S$2,548 (psf), at the weekend of Oct 16-17.
These 29 units were purchased during the District 10’s Very Important Person launch (Oct 2)
One unsold apartment is a 5-bedroom unit measuring 1,808 sq ft. According to Kimen Group, the price is just S$5.2million.
Mark Yip, chief executive of Huttons Asia, stated that there has been a lot of interest recently in projects in CCR due to their attractive prices compared to projects in RCR (rest in central region).
Comparatively, some RCR developments are priced at over S$2,000 per square foot.
He said that smart investors know that paying more can get them a better deal on the CCR.
Jervois Mansion consists of six five-storey blocks that hold 130 apartments. Kimen kept 25 units at 12 and 14 Jervois close to her home, which will be released when the project is complete, according to the investment company.
The units are priced at more than S$2,200 per square foot for two- and three-bedroom apartments; close to S$2,400 for four- and five-bedroom apartments; and more than S$2,400 for one-bedroom apartments.
Nicholas Mak, ERA’s head for research and consultancy, stated that the prices were “reasonable” for a CCR-project.
He stated that buyers could be drawn to the features but ultimately they want value. Considering the current trend, you might see some projects in RCR at Jervois Mansion’s cost, possibly next year or the following year.
Lee Nai Jia (deputy director, Institute of Real Estate and Urban Studies, National University of Singapore) said that there is “quite some competition” in the region.
He said, “Buyers who are interested in the area will have plenty of options, as there are many developments nearby such as Irwell Hills Residences and The Avenir, Riviere, Riviere, and the upcoming CanningHill piers.”
Yip said, “The success story of Jervois Mansion will generate more interest in the area.”
Jervois Mansion, which is expected to be completed in Q4 2025 or Q1 2026 will redevelop the Jervois Mansions. It consists of 29 maisonettes that were built by Kimen Group during the 1980s.
Kimen claims that the units are currently leased out to expats. The redevelopment will require tenants to leave the property by mid-2022.
The land was once home to three Good Class Bungalows. In the early 1980s, Aw Kim Chen, founder and owner of Kimen Group, purchased the bungalows and had them redeveloped.
According to Yip, Jervois Mansion’s launch success could also be attributed to its expansive land, which is a rarity in the Chatsworth-Bishopsgate vicinity.
He said, “This allows the developer to design a project which stands out.”
Arthur Aw, the executive director of Kimen Group, and the son of Aw Kim Chn, wanted to keep the project’s history in mind. He incorporated elements from “bungalow living” into the new project.
To give the feeling of being near the ground, greenery is added to the development, such as sky planters and vegetable gardens on the roof.
This project will be the first private residential development to receive the Green Mark Gold Plus Super Low Energy certification from the Building and Construction Authority.
The units’ black-and-white design pays tribute to the black-and white bungalows that preceded them.
Aw also changed the name of the development, replacing the plural form of “mansions” with the singular “mansion”, to give a sense to future residents.
Kimen will organize community events like Chinese New Year performances or Christmas parties to strengthen the bonds between neighbours. These events will be announced via the Jervois Mansion mobile app.
Aw stated, “We want an urban kampong.”
According to the launch results, most buyers were owners-occupiers aged 40 and below.