A spot that used to attract high numbers of people that were looking for entertainment in the evening, Zouk is now a location that is up for sale for any developer that is interested in investing in the area. The glory days of this location on the Jiak Kim Street are over, as a new chapter waiting to be opened by the developer that is going to bid the biggest sum to get this particular spot. The tender is about to open soon, so everybody interested in this particular sale should prepare a strategy that will provide the desired results.
How did it all start? A few months ago a developer that was interested in Zouk’s location promised to bid at least $689.4 million to get it. Seeing that there is a significant interest in this particular location, it was considered suitable for a tender to take place. The site has a total area of 13,482 sq. meters, each sq. foot having a starting price of $1,250, considering the bid mentioned previously. Specialists think that the space provided by the former Zouk is more than enough for a residential project that foresees 36 stories, which means an approximate number of 525 apartments and a ground floor that could easily have a commercial purpose.
Just recently, the Urban Redevelopment Authority or URA announced that it will provide a 99-year leasehold for this property, something that developers will fight for in approximately 2 weeks when the tender will be officially opened. From the moment the tender is open, bidders will have a term of 6 weeks to come up with the best offer that will get them this property with a relatively high potential. And it is expected for the competition to be rather harsh for this location on Jiak Kim Street. First of all, the development that will be erected here will enjoy the gorgeous riverfront area. Then there is the convenient location in District 9, very close to two MRT stations that are planned to be built there, the Havelock and Great World stations. And, of course, there is the Great World City mall, together with the area around the Robertson Quay, which give residents numerous opportunities to dine out and spend a lovely time in the neighborhood.
Dr. Lee Nai Jia, who is in charge of research at Edmund Tie & Company, stated that triggering this site up for sale in just 3 months is definitely a sign that the market is changing. Considering that Zouk stayed on the reserve list for 3 months only before being triggered, and having in mind that other properties spend a whole year or even more on the same list, the term is very short. Also, Martin Modern, a luxury Singapore condo that was sold last year in June is going to be, most probably, considered a reference when it comes to the sum for which Zouk will be sold as well. Still, there are high chances that the tender opened for Zouk to break the records set last year by Martin Modern and get an even higher sum of money from its bidders. In fact, the land is estimated to worth anywhere between $728 million and $800 million, according to Nicholas Mark, the executive director of the ZACD Group. With such spectacular predictions and very convenient location, we can only wait and see how the tender for the place on Jiak Kim Street will end after all.
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