The parcel of lands located at Jiak Kim Street in addition to the Fourth Avenue tenders was formally closed on fifth Dec 2018 Tuesday. Of the Urban Redevelopment Authority, the former obtained a whopping S$ 955.4 million leading bid with the last getting the highest possible proposal worth S$ 552.96 million. The Jiak Kim Street land parcel would be developed to the newly revealed Riviere Apartment by Frasers. The segment of the land found at Jiak Kim Street which was formerly occupied by Zouk cocktail lounge drew in a completing 10 offers from well economic oiled prospective buyers while the prime land resting at the renowned 4th Avenue was considered by seven prospective buyers.
These 2 sectors of lands located at Jiak Kim Street along with the Fourth Opportunity got on 19th Oct 2018 along with 2nd Nov 2018 respectively formally introduced for public tender which attracted a lot of developers looking at to acquire them for future developments. They were all attended to a 99 years lease sale. The prime parcel at Jiak Kim Street was successfully gotten by Frasers Centerpoint Limited making it the highest land price ever accomplished based on square foot for government land sales at its name would change to Riviere Condominium.
All Eco-friendly Feature became the successful bidder of the financially rewarding piece of land located at Fourth Avenue. This developer additionally took care of to secure an estate parcel situated at Royalville in addition to the Crystal Tower. Presently, the developer has actually set all its eyes on getting a website located beside Bukit Timah. Prior to tendering the sites situated at the Jiak Kim Road as well as the Fourth Method, they were listed as the book lands by the Government in the Land Sales division which had actually made them except sale.
Ms Lee, a director of research at a famous real estate company Cushman and Wakefield, stated, there was a raging contest for the prime websites at Jiak Kim Road and also the 4th Opportunity, with both places having actually a set standard price. The effective prospective buyers are looking forward to the recognition of the land's worth to virtually to ten percent which may see them produce large from their future developments. With this in their minds, they have actually not missed out on the ladder since all market gamers are expecting a considerable surge in land rates with over ten percent. If this will certainly occur, they will certainly have a huge return on the investment.
Ms Bi, who heads research study as well as working as a consultant at the JLL realty company, states, the crucial aspect is that the local developers need to make sure that they are acquiring all the essential sites located at the central district and also keep off foreigners from such as CSC Land from China along with Kashings Japura Pte Limited which is a Hong Kong magnate from acquiring websites in these prime locations of 4th Opportunity and Jiak Kim Street. Meanwhile, more brand new condo will be launched this year in Sengkang, Tampines, Toa Payoh and Novena. If you looking Novena new condo, you can go to this link at https://www.royalsquare.info/retail/ here.