Former Zouk site put on sale at $689.35m minimum price

The prime site along the Singapore River formerly occupied by popular nightspot Zouk has been put on the market at a minimum price of $689.35 million.

The 99-year leasehold plot in Jiak Kim Street is expected to produce a new record for Government Land Sales (GLS) sites in terms of the land rate.

Property experts cited the strong selling points, including the riverfront view, prime District 9 location, proximity to the upcoming Great World and Havelock MRT stations on the Thomson-East Coast Line and dining offerings in the Robertson Quay area and Great World City mall. Continue reading


$689m bid triggers sale of prime former Zouk site on URA’s reserve list

SINGAPORE – The Urban Redevelopment Authority (URA) announced on Friday (Sept 29) morning that it 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 sale was triggered after a developer committed to bid at a price of not less than S$689.4 million for the 13,482 sq m site. It can accommodate 525 apartments in a development up to 36 storeys, with ground floor commercial use.

URA said it will launch the tender for the 99-year leasehold site in about two to three weeks. The tender period for the land parcel will be about six weeks. Continue reading

Singapore developers seek to top up their landbank

THE recent pick-up in residential sites acquired by Singapore developers suggests that they have finally come around to the prospect of a more decisive recovery in Singapore’s residential market, and the downside of a depleting landbank.

Despite earlier concerns of gung-ho foreign developers crowding out local developers for residential sites sold by the government, Singapore developers are coming out in force in the collective-sale market and other private land deals.

So far, local developers make up seven of the top 10 developers with the largest residential landbank and leftover unsold units in launched projects, based on The Business Times’ compilation across developers. Two of the top 10 developers – MCL Land and GuocoLand – are technically foreign developers by virtue of controlling shareholding, but have operated in Singapore for a long time. More than half of all residential inventory is in the hands of the top 10 developers. Continue reading

Serangoon North housing site gets buillish top bid of S$446.3 million

SINGAPORE — A housing site in Serangoon North Avenue 1 has drawn strong interest from developers, with units of Keppel Corp and Wing Tai submitting the joint top bid of S$446.3 million, Urban Redevelopment Authority data showed after the close of tender on Thursday (July 27).

The 99-year leasehold site, launched from the Confirmed List of the Government Land Sales (GLS) programme for the first half of 2017, sits on 185,022 sq ft. It has a maximum allowable gross floor area of 462,557 sq ft that can yield an estimated 505 homes. The top bid from Keppel unit Corson and Wing Tai unit Wingjoy Investment, which beat 15 others, translates to S$964.81 per sq ft per plot ratio. Continue reading

URA launches sale of old Beach Road Police Station site with minimum bid price of $1.138b

SINGAPORE – The Urban Redevelopment Authority (URA) has launched the public tender of a commercial site at Beach Road, whose winning bidder must conserve and restore the former Beach Road Police Station on the land.

Sale of the site was triggered after URA last month received an application from a developer who committed to bid at a price of not less than $1.138 billion. Any tender below that minimum bid price will not be considered, URA said in its announcement on Thursday (July 6).

The two-hectare site was available for sale on the reserve list of the first-half of 2017 Government Land Sales (GLS) Programme. It was first put on the GLS reserve list  in November 2014. Continue reading

Ex-Zouk site, 4th Ave plum land plots for sale

Fancy living right where party types used to dance the night away at the iconic Zouk nightclub?

The original site of what is arguably Singapore’s best-known nightspot has been made available for developers to build up to 525 new homes on.

But the developers must conserve the three warehouses occupied by Zouk until December last year, when it moved to Clarke Quay. Continue reading

Uptick in land supply may be insufficient to meet developers’ demand for sites: Analysts

SINGAPORE – The Government has ramped up supply of development sites in the wake of bullish bids for plots and a declining stock of unsold private homes.

But analysts say the slight increase in land supply for the next six months may not be enough to meet developer demand.

There are 16 sites on the Government Land Sales programme for the second half of the year. They could accommodate up to 8,125 private homes, up from the 7,465 units offered in this half, the Ministry of National Development (MND) said on Thursday (June 29). Continue reading