Former Zouk site at Jiak Kim Street, Fourth Avenue sites opened to developers, Latest Business News - The New Paper

Former Zouk site at Jiak Kim Street, Fourth Avenue sites opened to developers

This article is more than 12 months old

Fancy living right where people 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 but the developers must conserve the three warehouses there.

The site in Jiak Kim Street was one of two plum residential sites made available for sale by the Urban Redevelopment Authority yesterday.

Both 99-year leasehold plots - the other is in Fourth Avenue in Bukit Timah - are on the reserve list, so they go to tender only when a developer commits to a minimum bid acceptable to the Government.

Analysts expect developers to trigger both sites for sale soon, riding on the positive sentiment in the property market and the sites' prime locations in Districts 9 and 10.

"Both sites should be very popular... I would expect the Fourth Avenue site to be triggered sooner," said Ms Tricia Song, research head at Colliers International Singapore.

Spanning 18,532.2 sq m, the Fourth Avenue site has a maximum gross floor area of 33,358 sq m and can yield 445 apartments.

It is within an established bungalow enclave and is next to the Sixth Avenue MRT Station.

Consultancy OrangeTee expects the site to be hotly contested, attracting possibly 15 to 25 bids. Its head of research and consultancy Wong Xian Yang estimated the top bid for the Fourth Avenue site could be $340 million to $376 million, or $950 to $1,050 per square foot per plot ratio (psf ppr).

Collier's Ms Song puts it at $330 million to $380 million, or $900 to $1,050 psf ppr.

Interest in the Jiak Kim Street site, however, will depend on sales at an upcoming luxury project nearby, Martin Modern by GuocoLand.

The plot is 13,482.4 sq m, with a maximum gross floor area of 51,234 sq m.

It is zoned residential with commercial space on the first floor.