SINGAPORE –
The Urban Redevelopment Authority (URA) declared on Friday (Sept 29) morning that it has accepted an application from a developer who is willingly to offer S$689.4 million to put up for sale by tender a prime private housing land parcel, which was the site of the former Zouk at Jiak Kim Street.
The Zouk site of 13,482 sq m site can build up to 525 apartments in a development up to 36 storeys, with ground floor commercial use.
The tender for the land parcel for the 99-year leasehold site in about two to three weeks. The tender period for the land parcel will last about six weeks.
The site was first made available for sale on the Reserve List of the Government Land Sale (GLS) programme in June 2017.
On a different announcement, the URA also released detailed sales conditions on Friday morning for another Reserve List site at West Coast Vale.
The 19,591 sq m parcel can conceivably yield up to 730 private units.
On the Jiak Kim Street site, Desmond Sim, Head of CBRE Research, Singapore and South East Asia, noted that the plot will be launched for tender at a minimum price of S$1,250 per sf per plot ratio.
He said it was expected its sale was triggered, given the current positivity in Singapore’s residential market.
“Sites offered on the Government Land Sales Programme have dependably been a more favoured route for developers to procure land as they are offered impediment and the process is more straight forward,” he said.
That Jiak Kim is located in a better location is an added incentive nd have 180 degree view of Singapore waterfront, Mr Sim added.
With the positive thinking around the private market in the mid to long term, they expect 10 – 15 bids at possibly 30 per cent above the minimum bid.
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