The parcel of lands located at Jiak Kim Street as well as the Fourth Avenue tenders was officially closed on 5th Dec Tuesday. In reference to the Urban Redevelopment Authority, the former received a whopping S$955.4 million top bid with the latter getting the highest bid worth S$552.96 million. The Jiak Kim Street land parcel would be developed to the newly announced Riviere Condo by Frasers.
The segment of the land found at Jiak Kim Street which was formerly occupied by Zouk night club attracted a totaling 10 offers from well financial oiled bidders while the prime land sitting at the famous Fourth Avenue was eyed by seven bidders.
These two segments of lands located at Jiak Kim Street as well as the Fourth Avenue were on 19th Oct 2018 as well as 2nd Nov 2018 respectively officially launched for public tender which attracted so many developers eyeing to acquire them for future developments. They were all provided for a 99 years lease sale. Among the bidders was
The prime parcel of land at Jiak Kim Street was successfully acquired by Frasers Centerpoint Limited making it the highest land price ever achieved based on square foot for government land sales at its name would change to Riviere Condo.
All Green Properties emerged as the successful bidder of the lucrative piece of land located at Fourth Avenue. This developer also managed to secure a freehold piece of lands located at Royalville as well as the Crystal Tower. Currently, the developer has set all its eyes on acquiring a site located next to Bukit Timah.
Before tendering the sites located at the Jiak Kim Street as well as the Fourth Avenue, they were listed as the reserve lands by the Government in the Land Sales department which had made them not for sale.
Christine Li, a director of research at a famous real estate firm Cushman and Wakefield, said, there was a rife contest for the prime sites at Jiak Kim Street and the Fourth Avenue, with both locations having a set benchmark price.
The successful bidders are looking forward to the appreciation of the land’s value to almost to ten percent which may see them yield big from their future developments. With this in their minds, they have not missed the ladder since all market players are expecting a significant rise in land prices with over ten percent. If this will come to pass, they will have a big return on the investment.
Tay Huey Ying, who heads research and consultancy at the JLL real estate agency, says, the key aspect is that the local developers should make sure that they are acquiring all the key sites located at the central district and keep off foreigners from such as CSC Land from China as well as Kashings Japura Pte Limited which is a Hong Kong mogul from acquiring sites in these prime areas of Fourth Avenue and Jiak Kim Street.
On 29th September and 31st October, the two sites Jiak Kim Street and the Fourth Avenue sites respectively applications for sales were allowed to go on by the URA.
The tenders are to be awarded to the appropriate bidder once the evaluation process is through.
Riviere Condo by Frasers project details have been since announced on the official site.