{"id":69544,"date":"2017-10-20T11:34:53","date_gmt":"2017-10-20T04:34:53","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/former-zouk-site-up-for-sale-with-689-353mil-reserve-price\/"},"modified":"2017-10-20T13:04:34","modified_gmt":"2017-10-20T06:04:34","slug":"former-zouk-site-up-for-sale-with-689-353mil-reserve-price","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/former-zouk-site-up-for-sale-with-689-353mil-reserve-price\/","title":{"rendered":"Former Zouk site up for sale with $689.353mil reserve price"},"content":{"rendered":"


\nAerial view of the land parcel at Jiak Kim Street.(Photo: URA)
\nThe site previously occupied by iconic nightclub Zouk has been put up for sale, with a minimum bid price of $689.353 million.
\nThe tender for the 99-year leasehold site will close on 5 December, with tenders below $689.353 million not to be considered, said the Urban Redevelopment Authority (URA).
\nZoned residential with first-storey commercial use, the site has a maximum gross floor area of 51,231 sqm and can yield 525 housing units.
\n\u201cThe 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,\u201d noted the URA.
\nIt 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.
\nWith this, analysts expect the site to draw strong interest from developers.
\n\u201cWith 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,\u201d said Desmond Sim, Head of CBRE Research in Singapore and South East Asia, when the site was triggered for sale last month.
\nIt is also expected to set a new record for Government Land Sales (GLS) sites in terms of the land rate, reported The Straits Times.
\nZACD 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.
\n\u201cJust as the tender for the site of GuocoLand\u2019s 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,\u201d said Mak.
\n\u00a0
\nThis article was edited by Keshia Faculin.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Former Zouk site up for sale with 9.353mil reserve price<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Aerial view of the land parcel at Jiak Kim Street.(Photo: URA) The site previously occupied...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-69544","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-i5G","jetpack-related-posts":[{"id":67720,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-to-launch-tender-for-the-former-zouk-site\/","url_meta":{"origin":69544,"position":0},"title":"URA to launch tender for the former Zouk site","date":"September 29, 2017","format":false,"excerpt":"\r Aerial view of the land parcel at Jiak Kim Street, which includes three conserved shophouses. 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Located at Serangoon\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/10\/Serangoon-North-Ave-1.jpg?fit=531%2C268&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":41056,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/perumal-road-site-awarded\/","url_meta":{"origin":69544,"position":5},"title":"Perumal Road site awarded","date":"January 18, 2017","format":false,"excerpt":"\r Aerial view of the land parcel at Perumal Road. (Photo: URA) The Urban Redevelopment Authority (URA) has awarded the tender for a residential with first storey commercial site at Perumal Road to Low Keng Huat (Singapore). 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