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Old Zouk site put on sale; minimum bid price of almost S$690m

SINGAPORE — The plum site of iconic nightclub Zouk’s long-time home in Jiak Kim Street was put up for sale on Thursday (Oct 19), with a minimum bid price of almost S$690 million to redevelop a residential project with potential for more than 500 units.

The plum site of iconic nightclub Zouk’s long-time home in Jiak Kim Street was put up for sale on Thursday (Oct 19). Photo: TODAY file photo

The plum site of iconic nightclub Zouk’s long-time home in Jiak Kim Street was put up for sale on Thursday (Oct 19). Photo: TODAY file photo

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SINGAPORE — The plum site of iconic nightclub Zouk’s long-time home in Jiak Kim Street was put up for sale on Thursday (Oct 19), with a minimum bid price of almost S$690 million to develop a residential project with potential for more than 500 units.

The 99-year leasehold site in the heart of the city, and offering waterfront views, is expected to draw strong demand, analysts have said.

Developers have until noon on Dec 5 to enter their bids, which must be at least S$689.353 million, the Urban Redevelopment Authority (URA) said. The sum is what an unnamed developer had committed when it asked the authorities to avail the parcel for sale from the Reserve List of the Government Land Sales programme.

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, and a commercial component on the first storey, 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.

Noting that the minimum bid price would work out to about S$1,250 per sq ft per plot ratio, analysts said it was a further sign that the property market has turned the corner.

The premium location of the site — within District 9 and close to the CBD and main shopping belt Orchard Road — and upcoming developments, such as the Havelock MRT station on the Thomson East Coast Line could make the future residential project attractive to foreign buyers and investors looking to rent to expats.

When the sale of the land was triggered late last month, Mr Desmond Sim, Head of CBRE Research in Singapore and South East Asia, said: “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.”

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