This article was first published on PropertyGuru
The site previously occupied by iconic nightclub Zouk has been put up for sale, with a minimum bid price of $689.353 million.
The tender for the 99-year leasehold site will close on 5 Dec, with tenders below $689.353 million not to be considered, said the Urban Redevelopment Authority (URA).
Zoned residential with first-storey commercial use, the site has a maximum gross floor area of 51,231 sqm and can yield 525 housing units.
“The land parcel enjoys a waterfront view of the historic Singapore River with direct access to the river promenade accompanied by a good mix of retail, dining and entertainment options,” noted the URA.
It is also accessible via the Central Expressway (CTE) as well as the upcoming Havelock and Great World MRT Stations on the Thomson East Coast Line.
With this, analysts expect the site to draw strong interest from developers.
“With the optimism around the residential market in the mid- to long term, we expect 10 to 15 bids at possibly 30 percent above the minimum bid,” said Desmond Sim, Head of CBRE Research in Singapore and South East Asia, when the site was triggered for sale last month.
It is also expected to set a new record for Government Land Sales (GLS) sites in terms of the land rate, reported The Straits Times.
ZACD Group executive director Nicholas Mak expects the land price for the site to hover between $728 million and $800 million, or a record $1,320 to $1,450 psf ppr.
“Just as the tender for the site of GuocoLand’s Martin Modern resulted in a record GLS residential land price rate of $1,239.03 psf ppr when that tender closed in June 2016, the tender for this land parcel at Jiak Kim Street would also produce a new record GLS residential land price,” said Mak.
Text: Keshia Faculin via PropertyGuru
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