The residential land parcel at Jiak Kim Street site tender closed on Tuesday (Dec 5), receiving a top bid of S$955.4 million or S$1,733 psf ppr. Based on data from the Urban Redevelopment Authority (URA).
About the Jiak Kim Street Site Tender
Jiak Kim Street land parcel site was home to Zouk for 25 years until the world-famous nightclub moved to Clarke Quay last December. This particular land parcel at Jiak Kim Street site tender 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 premium location of the Jiak Kim Street site tender. Within District 9 and close to the Central Business District (CBD) and main shopping belt Orchard Road.
Not forgetting nearby shopping malls like Concorde Shopping Centre and Great World City.— And upcoming developments, such as the Havelock MRT station and Great World MRT station on the Thomson East Coast Line.
All these will make the future residential project attractive to foreign buyers and investors looking to rent to expats. In Singapore, not many condominium developments can say that they offer a Waterfront View. But this one at Jiak Kim Street can.
Jiak Kim Street Site Tender details
Jiak Kim Street was launched for public tender on Oct 19. It was offered for sale based on a 99-year lease.
Frasers Centrepoint Limited came on top. With the highest bid for the 13,482 sq m site at Jiak Kim Street site tender. This works out to S$1,732.55 per square foot per plot ratio (psf ppr). This is the highest land price achieved; on a per square foot basis for government land sites sold (excluding commercial and white sites).
With this kind of bid price, it easily overshadows Martin Modern by Guocoland. Land price for Martin Modern was S$1,238 per square foot per plot ratio (psf ppr). Based on the Jiak Kim Street site tender results, one would expect the developers to break even at S$2,700 psf to $2,800 psf when they launch the project. Martin Modern is already closed for sale and developers will likely relaunch the project again in 2018 with an increased pricing. New Futura by CDL at Leonie Hill Road is also slated to be launched on the mid of January 2018. Prices will likely start from about S$3,500 psf for the freehold and ready to move in condominium development.