Former Zouk site up at Jiak Kim Street for sale via tender

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The 145,120 square feet (sq ft) site at Jiak Kim Street has been launched for sale with a minimum indicative price of $689.35 million (or $1,250 psf ppr).

The future new launch project on this prime 99-year leasehold mixed-use site is expected to go as high as 36 storeys – with the possibility to yield around 525 homes, with the ground floor set for commercial usage.

Jiak Kim Street Site for Sale

The plot under the URA’s Government Land Sales (GLS) programme’s Reserve list, was made available for tender after being triggered for sale by an unnamed developer’s bid of no less than $689.4 million.

Market watchers have attributed the indicative bid received to the site’s location and its surroundings. Other than being to offer future residents a riverfront view and lifestyle within the prime District 9 in Singapore, it is also located close to future Great World City and also Havelock MRT Station.

On top of that, the Jiak Kim Street site is located near the Great World City shopping mall and the Robertson Quay precinct – where plenty of dining and retail options will be made readily available for the potential home owners.

Property consultants believe this is another sign to show that the property market in Singapore is set for a turnaround as sites previously under the Reserve list can be left “untouched” with no interests shown for a year or more.

They have also added that developers participating in this tender for the Jiak Kim Street site will likely use the nearby Martin Modern (a new launch luxury condo project by GuocoLand) at Martin Place as a reference.

Martin Modern Condo Facade
Martin Modern by GuocoLand

This site of Martin Modern was sold back in June 2016 for a whopping $1,239 psf ppr and analysts are expecting the top bid for the Jiak Street site to exceed that record set by GuocoLand.

It was estimated that around 10 to 15 bids will be expected for the subject site at Jiak Kim Street and could well be in the range of $728 million to as high as $800 million (between $1,320 to $1,450 psf ppr).

URA said that the tender will be held in about 2 to 3 weeks from now and will take around 6 weeks to conclude.

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