06 Dec 2017
Frasers Centrepoint Singapore has successfully edged out nine other bidders for a 99-year leasehold mixed commercial and residential site at Jiak Kim Street, the former site of popular nightspot Zouk.
The site area measures 13,481.7 sq metres and was released for sale by the Urban Redevelopment Authority (URA) in the 1st Half 2017 Government Land Sales (GLS) Programme. The GLS tender attracted keen competition from ten developers.
Frasers Centrepoint Singapore submitted the top bid of S$955.4 mil, or S$1,733 psf, edging out the next highest bid of S$950.0 mil, or S$1,723 psf, by 0.6%.
The prime site is prominently located at the Singapore River bank, and is in close proximity to the business district as well as the Orchard Road shopping and dining district. There is a diverse mix of hotels, shopping malls and F&B and lifestyle outlets in nearby Boat Quay, Clarke Quay and Robertson Quay.
If awarded the tender, the Prefabricated Prefinished Volumetric Construction (PPVC) method will be used to develop the site. PPVC is a game-changing technology that supports the Design for Manufacturing and Assembly (DfMA) concept to significantly improve productivity, minimise dust and noise pollution, as well as site safety.
The site includes three conserved warehouses constructed around 1919, which were integral to the bustling entrepot trade upon which modern Singapore was built. Frasers will be exploring sustainable ways to adapt these iconic structures for lifestyle and creative commercial uses, giving new life to these voluminous, high ceiling space that have played a key role in Singapore's entrepot trade.