On the 29th of September, the Urban Development Authority officially announced that a developed filled an application to purchase the housing parcel available where the former Zouk stands today, on the Jiak Kim Street. Apparently, this bidder took the commitment to offer at least $689 million for the property, which led to URA deciding to put the parcel up for sale. With a surface that exceeds 13,000 square metre, the former Zouk could easily have a height of 36 levels and provide a number of 525 beautiful apartments for the residents of Singapore.
Thus, all the developers interested in this particular parcel should keep an eye on the tender that will be released by URA very soon now. Once the tender starts, developers will have 6 whole weeks to bid for the property and win the 99-year leasehold that will enable them to completely transform it into something better. The truth is that this particular site appeared on the Reserve List in the month of June this year, being part of the program called the Government Land Sale. This enables developers to get their hands on various fragments of land around Singapore with the purpose of investing and developing the urban environment of the city.
The sale of this parcel was triggered relatively quickly, having in mind that other parcels wait for months in a row for any developer to manifest any interest in purchasing them. Still, the one in charge with the CBRE Research, Desmond Sim, said that the triggering of this sale was no surprise to him because he noticed a positive trend in the residential market of Singapore. According to Sim, the parcels that were made available through the Government Land Sale were always more appreciated by developers than any other land offers, as the process of acquiring them is much more simplified and saves them a lot of time.
Plus, the fact that Zouk is located in such a convenient plant is another advantage that will certainly attract more developers during the period in which the tender will unroll. Besides this, the incredible sales performances of the nearby developments will also make developing companies want to own this parcel because their investment will certainly pay off. And how can it not pay off when the location of the future development in this particular area will have a gorgeous view of 180 degrees around the waterfront. It will be a small paradise many Singaporeans will want to enjoy, this is why the bid is expected to rise with up to 30% from its initial starting point for this high-potential property.
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