Old Zouk site up for public tender

[bargain hunter]

Old Zouk site up for public tender

THE Urban Redevelopment Authority (URA) has accepted an application from a developer to put up a residential with first storey commercial site at Jiak Kim Street for sale by public tender, which will be launched in two to three weeks.

Announcing this on Friday, the URA said the land parcel, the site of the recently shut Zouk nightclub, was first made available for sale on the reserve list in June.

It received an application from a developer for the site, a land area of about 1.35 hectares, to be put up for public tender.

The developer committed to bid at a price of not less than S$689.35 million in the tender for the land parcel.

As the minimum price committed by the developer is acceptable to the government, the site will be released for sale by public tender.

n accordance with the procedures of the Reserve List system, the URA is making public the minimum price committed for the site, but the identity of the applicant will not be released.

The tender period for the site will be about six weeks.

The plot, with a land lease of 99 years, is zoned for residential with commercial use on the first level.

It will have a maximum permissible gross floor area of 51,234 square metres.

The URA said the maximum building height is 36 storeys, subject to a technical height control of 153 metres above mean sea level and the estimated number of housing units is 525.

More details on the land parcel are available on the URA website at http://www.ura.gov.sg/uol/land-sales-repository/sites-available/jiak-kim-st-ma.aspx.

[bargain hunter]

the developer has committed to bid at least 1250psf ppr.

[Khng8]

Is this good news for Martin Modern?

[bargain hunter]

Is this good news for Martin Modern?

if the winner of the bid is not some classy developer, u can expect them to hit and run with a underpriced product to undercut MM.

[PropVestor]

if the winner of the bid is not some classy developer, u can expect them to hit and run with a underpriced product to undercut MM.

I sure hope a reputable developer will seize this site. This site is better in terms of frontage as it is just next to the river which is the whole reason why you want to live in this area. The bridge that is facing it can be a real bonus. I think this site is much better than MM.

The warehouse if re-designed properly can really add a dose of nostalgia and X-factor to the development. The shared facilities can be housed here.

2 cents,
PropVestor

[bargain hunter]

hopefully. anyway there are some requirements for this site such as max. no. of units. so cannot chop until too small also. :)

[reporter2]

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

Grace Leong

http://www.straitstimes.com/sites/default/files/styles/article_pictrure_780x520_/public/articles/2017/09/29/site_2.png?itok=c_gsHNEB

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.

The site was first made available for sale on the Reserve List of the Government Land Sale (GLS) programme in June 2017.

Separately, the URA also released detailed sales conditions on Friday morning for another Reserve List site at West Coast Vale.

The 19,591 sq m parcel can potentially yield up to 730 residential units.

On the Jiak Kim Street site, Desmond Sim, Head of CBRE Research, Singapore and South East Asia, noted that the plot will be launched for tender at a minimum price of S$1,250 per sf per plot ratio.

He said it was not surprising its sale was triggered, given the current positivity in Singapore's residential market.

"Sites offered on the Government Land Sales Programme have always been a more favoured route for developers to procure land as they are offered unencumbered and the process is more straight forward," he said.

That Jiak Kim is located in a better location is an added incentive, Mr Sim added.

"In addition, developers may be encouraged by the sales performance of developments in the vicinity. This plum site has the advantage of an almost 180-degree view of the Singapore waterfront.

"With the optimism around the residential market in the mid to long term, we expect 10 - 15 bids at possibly 30 per cent above the minimum bid," he said.

[reporter2]

Old Zouk site to be put up for sale for mainly housing development

September 29, 2017


SINGAPORE — The site at Jiak Kim Street formerly home to the iconic nightclub Zouk will be put up for sale for residential development with a commercial component on the first storey, with analysts expecting it to garner rich bids given its premium waterfront location and heritage.

The Urban Redevelopment Authority (URA) on Friday (Sept 29) said it would launch the site for sale in two to three weeks, with a tender period lasting about six weeks. The 99-year leasehold site, first made available for sale on the Reserve List of the Government Land Sales (GLS) programme in June this year, has been triggered for sale after an unnamed developer committed to bid at a minimum price of S$689.353 million, the URA said.

The site, which sits on about 145,123 sq ft of land, has a gross plot ratio of 3.8, translating into a maximum permissible gross floor area of 551,478 sq ft. This can be developed into an estimated 525 homes, the URA said.

The Jiak Kim Street site was home to Zouk for 25 years until the world-famous nightclub moved to Clarke Quay last December. The land parcel enjoys a waterfront view of the Singapore River, with direct access to the river promenade accompanied by a good mix of retail, dining and entertainment options, the URA said.

Dr Lee Nai Jia, Senior Director and Head of Research at property consultancy Edmund Tie, said: “The trigger of the land parcel at Jiak Kim Street is another sign that the market has turned, given the trigger bid and the time it took to trigger. The site, which was first made available for sale on the Reserve List in June, was triggered in just three months.

Previously, the sites in the Reserve List can remained untriggered for one year or longer. Additionally, the trigger price is relatively high at S$689.35 million for a predominantly residential site, which works out to be about S$1,250 per sq ft per plot ratio.”

“Notwithstanding, the residential site may be worth the high trigger price, as it offers many unique selling points and ticks all boxes. First, many people identify with the location, as the site formerly housed Zouk, and the developer can leverage on its heritage to attract buyers… Second, the site is within District 9 and offers great accessibility to CBD and Orchard/Scotts Road. It is also within walking distance to River Valley Primary School, the upcoming Havelock MRT station on the Thomson East Coast Line (expected to be operational in 2021) and close to many nightlife outlets. The site will attract foreign buyers and investors seeking to rent to expatriates,” he added.

Mr Desmond Sim, Head of CBRE Research in Singapore and South East Asia, said: “Sites offered on the GLS programme have always been a more favoured route for developers to procure land as they are offered unencumbered and the process is more straightforward.”

“This plum site has the advantage of an almost 180-degree view of the Singapore waterfront. With the optimism around the residential market in the mid- to long term, we expect 10 to 15 bids at possibly 30 per cent above the minimum bid.”

The URA on Friday also made available a residential site at West Coast Vale for application under the Reserve List of the second half 2017 GLS programme. The 99-year leasehold site, which sits on about 210,882 sq ft of land, has a gross plot ratio of 2.8, translating into a maximum permissible gross floor area of 590,475 sq ft. This can be developed into an estimated 730 homes, the URA said.

Dr Lee called the site, which is within a short driving distance to Jurong Gateway, the National University of Singapore (NUS) and one-north, an “interesting proposition for some developers.”

“A land parcel in the vicinity was recently awarded for S$291.99 million (or S$591.51 per sq ft per plot ratio) in Feb 2017 to China Construction (South Pacific) Development. Using that as a base and adjusting for the current market conditions, the trigger price is likely to range from S$348 million to S$355 million (S$584.30 to S$601.20 per sq ft per plot ratio),” he said.

“As developers have more options, they may seek sites that offer more unique selling points unless they can get it at cheaper prices. Some may consider triggering the site at a later stage, after the development by China Construction has been launched,” he added. – WITH ADDITIONAL REPORTING BY RUMI HARDASMALANI

[reporter2]

Nightspot Zouk's former site up for sale

Sep 30, 2017

Jiak Kim Street plot going for at least $1,250 psf ppr; tender opens in two to three weeks

Grace Leong


The former site of popular nightspot Zouk in Jiak Kim Street has been put up for sale.

The prime plot along the Singapore River was made available on the reserve list in June and triggered for sale after a developer committed to bid at least $689.4 million for it.

The 13,482 sq m site is being launched for tender at a minimum price of $1,250 per sq ft per plot ratio (psf ppr), based on that indicative bid. It could accommodate 525 apartments in a project of up to 36 storeys, with ground-floor commercial use, albeit in only three conserved warehouses that used to house Zouk.

The tender for the 99-year leasehold site will be opened in about two to three weeks, said the Urban Redevelopment Authority (URA) yesterday. The bidding period will be around six weeks.

Industry sources noted that the high indicative bid and the short three-month period to trigger the sale highlighted the site's strong selling points. These include its riverfront view, location in the prime District 9, 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.

It is "another sign the market has turned", said Dr Lee Nai Jia, head of Research at Edmund Tie & Company. "It was triggered in just three months. Previously, sites on the reserve list can remained untriggered for one year or longer."

ZACD Group executive director Nicholas Mak said potential bidders will likely use nearby luxury condominium Martin Modern, which was sold in June last year at $1,239.03 psf ppr, as a reference.

"Just as the tender for Martin Modern resulted in a record GLS (Government Land Sales) residential land price, the tender for the Jiak Kim site could produce a new record," Mr Mak said.

He estimated that the land price could range from $728 million to $800 million ($1,320 psf ppr to $1,450 psf ppr).

Ms Christine Li, who heads research at Cushman & Wakefield, said: "When the site for Martin Modern was sold last year, the residential market was still on the decline. But sentiment has improved significantly. We expect GuocoLand to place a defensive bid for Jiak Kim since it won Martin Modern a year ago."

Mr Desmond Sim, CBRE's head of research for Singapore and South-east Asia, said sites on the GLS programme have "always been a more favoured route for developers as they are offered unencumbered and the process is more straightforward". He added that "with the optimism around the residential market, we expect 10 to 15 bids at possibly 30 per cent above the minimum bid".

Separately, the URA released detailed sales conditions for a reserve list site in West Coast Vale. The 19,591.5 sq m plot could yield up to 730 residential units.

Ms Li believes some developers will be cautious about this site as China Construction (South Pacific) Development won a land parcel in the vicinity this year. But Parc Riviera condo, also in the area, was fully sold within a year, so there is strong demand there, she noted.

Dr Lee called the West Coast Vale site an interesting proposition. "Buyers are likely to come from those who work in NUS (National University of Singapore), NUH (National University Hospital), Jurong East and the business parks in Buona Vista."

[reporter2]

Old Zouk site up for sale as housing-commercial plot

Unnamed developer commits to bid of at least $689.35 m, triggering the site for sale by public tender

Sat, Sep 30, 2017

Judith Tan


THE site of the former Zouk nightclub will soon be home to a high-rise residential and commercial building.

The Jiak Kim Street site is up for sale by public tender.

The Urban Redevelopment Authority (URA) has accepted an application from a developer - unnamed for now - to put up a mixed-used development with a commercial first storey and residential units above it.

Announcing this on Friday, the URA said the public tender for the land parcel will be launched in two to three weeks.

Zouk was at Jiak Kim Street from the time it opened in 1991. It quickly became a mainstay in Singapore's clubbing scene, with hugely popular events such as Mambo Jambo - held every Wednesday to the beats of 80s and early 90s music - and the outdoor music festival ZoukOut.

The club had its last night of operation last Nov 26 and a final party on Dec 3 before moving to its new home in Clarke Quay.

The 1.35-hectare Jiak Kim site was first made available for sale on the Reserve List of the Government Land Sale (GLS) programme in June this year.

URA received an application from a developer, who committed to bid at a price of not less than S$689.35 million in the tender, triggering the sale.

In its statement, URA said as the minimum price committed by the developer was acceptable to the government, the site would be released for sale by public tender. And, in accordance with the procedures of the Reserve List system, the URA is making public the minimum price committed for the site.

The tender period for the site will be about six weeks.

The 99-year plot is zoned for residential use, with a commercial component on the first level. It will have a maximum permissible gross floor area of 51,234 sq m.

URA said the building can be up to 36 storeys high, subject to a technical height control of 153 m above mean sea level; the estimated number of housing units is 525.

Desmond Sim, head of CBRE Research in Singapore and South-east Asia, was unsurprised by the announcement, particularly for a tender at a minimum price of S$1,250 per sq foot per plot ratio (psf ppr), "given the current positivity in Singapore's residential market".

"Sites offered on the Government Land Sales Programme have always been a more favoured route for developers to procure land, as they are offered unencumbered and the process is more straightforward. That Jiak Kim (Street) is located in a better location is an added incentive.

"Developers may be encouraged by the sales performance of developments in the vicinity. This plum site has the advantage of an almost 180-degree view of the Singapore waterfront. With the optimism around the residential market in the mid to long term, we expect 10 to 15 bids at possibly 30 per cent above the minimum bid."

With the site's favourable location - in the prime District 9 and the upcoming Great World MRT station being about 400m away - ZACD Group head of research Nicholas Mak said he had expected this Reserve List site to be the one that is most likely to be triggered for tender.

He said it is expected to draw strong interest, with between seven and 12 bids from big players such as City Developments Ltd, Kingsford, SC Global, MCL Land, Far East Organization, OUE and its related companies.

Mr Mak said: "The latest condo launched in the vicinity was the 450-unit Martin Modern. The price of the land parcel on which it sits was sold in June 2016 at $1,239.03 psf ppr. Such a land price will be used as a reference by developers interested in the subject site."

He added that the estimated land price would range from S$728 million to S$800 million. "Just as the tender for the site of Martin Modern resulted in a record GLS residential land price rate 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," he predicted.

GuocoLand, controlled by Malaysian Quek Leng Chan, submitted the top bid of S$595.1 million or $1,239 psf ppr for the Martin Place residential site last year.