Deferred payment schemes introduced for new Jervois projects in prime District 10

Those seeking newly completed, freehold private condominiums in prime District 10 can look to the latest developments in the Jervois enclave. There are three such projects: Fragrance Group's 36-unit Jervois Treasures, Midas Land's 43-unit Jervois Prive, and SC Global Developments' 55-unit Petit Jervois.

The first of the three to launch following completion was Petit Jervois, which was completed in March last year as the maiden project in SC Global's Petit Collectible series. It features apartments with flexible layouts targeted at the young and affluent.

Petit Jervois Deferred Payment Scheme

SC Global rolled out a deferred payment scheme in late 2022, requiring buyers to pay just a 10% down payment while deferring the remaining balance. This boosted sales significantly, bringing the project close to sell-out, with only two units remaining.

Petit Jervois comprises two 5-storey residential blocks, predominantly featuring one- and two-bedroom units ranging from 581 to 1,012 sq ft, along with a limited collection of three-bedroom apartments spanning 1,044 to 1,292 sq ft.

The highest psf price achieved at Petit Jervois was for a 958 sq ft two-bedroom unit on the third floor, which fetched $3.032 million, or $3,165 psf. The average price across Petit Jervois stands at $2,723 psf.

Jervois Treasures Offers Up to 24-Month Deferred Payment

Just across the street from Petit Jervois is Jervois Treasures, a 5-storey condominium designed by RSP Architects.

The developer is offering buyers a Deferred Payment Scheme (DPS), with options to defer payment by 12 or 24 months. Deferred payment eases cash flow challenges for purchasers, including those buying in trust for their children.

The deferred payment structure also grants buyers—both investors and owner-occupiers—the flexibility to acquire a home amid elevated interest rates. They can choose to lock in a mortgage after interest rates stabilise one to two years down the road.

The latest property cooling measures, which doubled the Additional Buyer’s Stamp Duty (ABSD) for foreign buyers to 60%, will inevitably have a chilling effect on developments in the Core Central Region (CCR).

Moving forward, demand for prime CCR freehold properties will be driven by locals and Singapore Permanent Residents. Among foreign nationals, demand will stem from those entitled to the same ABSD treatment as Singapore Citizens—namely nationals of the United States, as well as Iceland, Liechtenstein, Norway, and Switzerland. Other foreigners who intend to reside here long-term may also be prepared to pay the hefty 60% ABSD.

From $2,559 psf

Alongside the deferred payment scheme, the developer of Jervois Treasures is offering unit prices starting from $2,559 psf. There is also no price difference between buyers opting for the deferred payment scheme and those opting for standard progress payments.

Absolute prices are equally attractive: a 506 sq ft one-bedroom unit starts from $1.376 million ($2,719 psf), while a 592 sq ft one-bedroom plus study starts from $1.592 million ($2,689 psf).

Two-bedroom units measuring 786 sq ft start from $2.036 million ($2,590 psf), whereas three-bedroom apartments spanning 1,130 sq ft start from $3.138 million ($2,777 psf). The development's sole three-bedroom dual-key unit, measuring 1,227 sq ft, is priced at $3.19 million ($2,601 psf).

Thoughtfully designed to appeal to investors, singles, and small families, one- and two-bedroom units make up 30 of the project’s 36 units (83.33%). It also features four three-bedroom units, a single dual-key unit, and an exclusive three-bedroom duplex penthouse.

All units at Jervois Treasures are fitted with premium kitchen appliances, including dishwashers and washer-dryers from French brand De Dietrich. 

Rental Demand

Under the deferred payment scheme, owner-occupiers can move into their new home with just a 10% down payment. For an additional $80,000 to $100,000, the developer can also fit out and furnish one- and two-bedroom units to showflat standards.

The developer can likewise furnish units for investors. With an existing tenant pool on hand, the developer can also assist owners in leasing out their properties. At Jervois Treasures, one-bedroom units command monthly rents between $3,800 and $4,000, while two-bedroom units fetch $5,000 to $5,500, depending on the layout. Based on transacted prices, investors can anticipate a gross rental yield of around 3%.

Right-Sized Living

The unit sizes, quantum, and location of Jervois Treasures also appeal to downsizers looking for right-sized living. While the luxury market currently leans towards large-format residences, there are retirees who prefer more manageable homes.

These buyers often pay in cash and are not constrained by borrowing limits or interest rates. They may also sell their existing properties to avoid paying higher ABSD.

Some parents living in nearby Good Class Bungalow (GCB) enclaves—such as Jervois Road, Jervois Hill, Mount Echo Park, Bishopsgate, Cable Road, and Chatsworth—can also purchase a unit at Jervois Treasures for their children. Alternatively, some may acquire units for investment to secure recurring rental income.

Jervois Prive Obtains TOP

Jervois Prive has recently obtained its Temporary Occupation Permit (TOP). The developer is offering buyers a 2% discount, with prices starting from $1.5 million, or $2,756 psf.

Seven units have been sold at Jervois Prive at an average price of $2,897 psf.

The latest transaction was a 1,109 sq ft three-bedroom unit on the fifth floor, which sold for $3.57 million ($3,220 psf). This represents the highest psf price achieved in the development to date. According to the developer, the $3,220 psf price reflects the 2% discount.

All buyers are Singaporeans and Permanent Residents, mostly owner-occupiers comprising working couples in their 30s and 40s, as well as young families.

The high development specifications have been a key draw for buyers. The project boasts some of the highest finishes in the Jervois enclave—featuring American walnut timber flooring across all bedrooms, Turkish marble in the living and dining areas, Gaggenau kitchen appliances, and Gessi sanitary fittings.

Buyers wishing to move straight into a fully furnished unit can do so for an additional $200,000-plus to acquire the interior design and furnishings of the two-bedroom show suite.

Undervalued Potential of the Jervois Enclave

The Jervois neighbourhood has often flown under the radar among homebuyers, perhaps due to the absence of high-profile, mega launches with hundreds of units.

Another project in the area, Jervois Mansion, is currently under construction and slated for completion in 2026. Situated on a freehold site spanning nearly 100,000 sq ft, it is notably larger than the other three boutique developments, whose site areas range from nearly 20,000 to 34,000 sq ft. The larger footprint allows for more expansive landscaping and communal facilities.

Nonetheless, boutique developments hold their own unique charm. Nestled in the heart of the Tanglin precinct, Jervois sits adjacent to some of Singapore’s most prestigious landed estates, making it ideal for those who prize a serene, low-density living environment.

The latest cooling measures are expected to nudge more foreigners into the leasing market, driving rental demand in District 10 and bolstering rental yields.

For developers, replenishing CCR freehold land at attractive prices is proving increasingly challenging, especially against the backdrop of escalating land, labour, and material costs.

Considering the limited new supply and the incentives extended by developers—from deferred payment schemes to discounts—these developments offer an opportune window for discerning buyers.