URA to launch tender for Jiak Kim Street site, launches West Coast Vale reserve site

On Sept 29, URA announced that it has accepted an application from a developer to put up a residential-with-commercial-at-first-storey site at Jiak Kim Street for sale by public tender. The developer committed to bid at a price of not less than $689.353 million in the tender for the land parcel. The 99-year leasehold Jiak Kim Street site will be launched in about two to three weeks’ time.
Located at the heart of Robertson Quay, the approximately 1.35ha Jiak Kim Street site is flanked by Grand Copthorne Waterfront Hotel Singapore, Tribeca, Mirage Tower and the Singapore River, which means the development will be privy to views of the river. The site was first made available for sale on the Reserve List under the 1H2017 Government Land Sales (GLS) programme.
According to URA, the site has a gross plot ratio of 3.8, which works out to be about 525 housing units and an estimated commercial space of 16,146 sq ft. The Jiak Kim Street site is “easily accessible” via the Central Expressway (CTE), adds URA. In addition, the land parcel is located within walking distance of Havelock MRT station along the future Thomson-East Coast Line.
Source: URA
Lee Nai Jia, senior director and head of research at Edmund Tie & Company, notes that the site was triggered in three months compared to the typical one-year period it takes for reserve list sites to be triggered. The trigger price is high at $1,250 psf per plot ratio for a predominantly residential site, he adds.
Lee believes the site will attract foreign buyers and investors seeking to rent to expatriates. “I anticipate the site to attract 10 to 12 bids, based on current market conditions,” he says.
URA also launched a 99-year leasehold residential site of approximately 1.96ha at West Coast Vale on Sept 29. The site falls under the Reserve List of the 2H2017 GLS programme. Located near Parc Riviera, the West Coast Vale site can yield an estimated 730 residential units, says URA.
Source: URA