Previous Zouk web site at Jiak Kim Street gets bid of S$955.4m for improvement

SINGAPORE: Tenders for two residential land parcels at Jiak Kim Street and Fourth Avenue closed on Tuesday (Dec 5), with the previous obtaining a leading bid of S$955.4 million and the latter drawing a leading bid of S$552.96 million, in accordance to the City Redevelopment Authority (URA).

The land parcel at Jiak Kim Street, which is the previous web site of well known nightclub Zouk, drew a whole of 10 provides whilst the web site at Fourth Avenue drew a whole of seven bids. 

The web sites at Jiak Kim Street and Fourth Avenue ended up released for community tender on Oct 19 and Nov two, respectively. Both equally web sites ended up offered for sale on 99-year leases. 

The optimum bid for the 13,482 sq m web site at Jiak Kim Street, which operates out to S$1,732.fifty five per sq. foot per plot ratio (psf ppr), came from Frasers Centrepoint Confined. It is the optimum device land price reached on a per sq. foot basis for govt land web sites sold (excluding professional and white web sites). 

The optimum bid for the 18,532 sq m Fourth Avenue land parcel was from Allgreen Properties, reflecting a land price of S$1,540 psf ppr. The developer secured the freehold web sites at Royalville and Crystal Tower last Friday, and is now eyeing a 3rd web site together the very same Bukit Timah stretch.  

The web sites at Jiak Kim Street and Fourth Avenue were initially on the Reserve Checklist of the Government Land Gross sales Programme.

A location strategy for the land parcel at Jiak Kim Street. (Graphic: City Redevelopment Authority)

“Both equally the Jiak Kim and Fourth Avenue web sites ended up hotly contested with benchmark costs established for each locations,” said Christine Li, investigation director at actual estate firm Cushman & Wakefield. 

“The developer is likely pricing in a slight appreciation of close to 6 to seven per cent for the providing costs of the long term improvement. This is fairly in line with the industry expectation that costs of new residences will rise by close to 5 to 10 per cent next year,” Ms Li additional. 

Head of investigation and consultancy Tay Huey Ying at actual estate agency JLL said: “Of fascination is that regional builders continue on to keep their maintain on the prime district industry, pipping overseas builders these as China’s CSC Land and Hong Kong tycoon Li Ka-shing’s Japura Pte Ltd for the two web sites at Jiak Kim Street and Fourth Avenue, respectively.”

URA recognized apps for the sale of the two web sites at Jiak Kim Street and Fourth Avenue on Sept 29 and Oct 31 respectively.

A decision on the award of the tenders will be built just after the bids have been evaluated.

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