Qingjian Realty paid S$638 million for Shunfu Road site

Jadescape is the project name chosen by Qingjian Realty for its latest RCR(Rest of Central Region) development at Shunfu Road. It is a 99 years leasehold development purchased for S$638 million through an enbloc exercise in May 2016.  This enbloc sale marks the first of what is to become Singapore's enbloc fever in 2017 to 2018.

Qingjian expects to pay about S$123 million in differential premium for intensifying land use and another S$94 million to top up the lease to a fresh 99 lease in addition to the S$638 million sale price. Overall, it is paying about S$747 psf per plot ratio (psf pr) for the site.

This is comparable to prices at recent Government Land Sales (GLS) sites. The Toa Payoh site of Gem Residences went for S$755 psf per plot ratio in 2015.

 

Results of Tender Bids for GLS Land at Toa Payoh

The 130,831 sqft site (which sits GEMS Residences now) garnered 14 bids at the close of tender, the Housing and Development Board (HDB) said in its capacity as the Government’s land sales agent. The highest bid of S$345.9 million, or around S$755 per sq ft per plot ratio (psf ppr), was submitted by a consortium comprising Evia Real Estate, Maxdin and Gamuda Berhad.

Jadescape old photo

Jadescape has various propositions and unique features going for it. Long before Jadescape, the only one mega development was transformation of Farrer Court to a very popular development - D'Leedon.

To have six retail shops is more for the convenience late in the night or early in the morning or if it's a laundrette or bakery or cafe as Jadescape is very conveniently located near many amenities. Another feature of Jadescape is there will be two 50-meters swimming pools.

 

Jadescape's 1 Bedroom apartments start from S$8xxK

The value proposition from Jadescape is really its value. At this price, residents get the latest up-market Smart Home system for facilities and security as well as well-conceived kitchen and bedroom wardrobe designs. Invest in a apartment in Jadescape and you get to enjoy more than 100 different condo facilities.

In close proximity to Jadescape are so many F&B and entertainment as well as grocery options, its superbly prime location will be hard to match.