Singapore’s Urban Redevelopment Authority (URA has accepted an application from a developer 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 authority said it has accepted an application from a developer to put up the 1.35-hectare site at Jiak Kim Street for sale by public tender.
With the developer committed to bid at a price of not less than S$689.35 million in the tender for the land parcel, URA will be launching the tender for the 99-year leasehold site in about two to three weeks and the tender will close in about six weeks.
Given the current positivity in Singapore’s residential market following many successful en-bloc sales by developers, the mixed developement land will be launched for tender at a minimum price of S$1,250 per square feet per plot ratio.
Such sites offered on the Government Land Sales Programme have been the preferred choice for Singapore real estate developers to purchase land for development as the procurement process is straightforward and without any existing conditions.
The well-located site close to Great World City and its upcoming Thomson MRT station, could potentially yield 525 housing units with a maximum gross floor area is 51,234 square metres and maximum building height is 36 storeys (subject to a technical height control of 153m above mean sea level), according to the agency.