FCL tops bids for former Zouk site at S$955m

SINGAPORE – Frasers Centrepoint Limited trumped nine other bidders with an offer of $955.4 million for a residential plot in Jiak Kim Street, the former site of popular nightspot Zouk.

Separately, Allgreen Holdings emerged top among seven bidders for a residential parcel in Fourth Avenue, lodging a tender of $552.96 million.

The two 99-year leasehold sites were originally on the Reserve List of the Government Land Sales (GLS) programme and were triggered for public tender after minimum acceptable bids were made.

The 13,482 sq m site in Jiak Kim Street comes with commercial use on the first floor. FCL’s bid for this site translates to $1,732.55 per square foot per plot ratio (psf ppr), only 0.6 per cent above the second bid from Hong Leong Holdings and Hong Realty, which are controlled by Singapore tycoon Kwek Leng Beng.

The bid by fellow tycoon Robert Kuok’s Allgreen Holdings for the 18,532.2 sqm site at Fourth Avenue reflects a land rate of $1,540 psf ppr, which is 2 per cent above the second-highest bid, from Bukit Sembawang Estates.

Adapted from : The Straits Times, 5 December 2017