Fraser Property (Formerly known as Fraser Centrepoint Limited) trumped nine other bidders with an offer of $955.4 million for a new launch residential plot in Jiak Kim Street, the former site of popular nightspot Zouk in December Tear 2017.
The 13,482 square meter site on Jiak Kim Street comes with commercial use on the first floor. The bid translates to $1,732.55 per square feet per plot ratio. This toppled by a stark 39.9% higher than the site for GuocoLand’s Martin Modern in June last year at $1,239 per square feet per plot ratio. Breakeven estimated around $2,450 per square feet and average selling price of around $2,700 per square feet.
The former popular nightspot Zouk site at Jiak Kim Street is a rare location in a cosmopolitan locale, filled with rich heritage and character, sitting right on the edge of River. It is near to the future Great World City and Havelock stations on the Thomson-East Coast Line.