Today, September 29, The URA or Urban Development Authority has confirmed the application submitted by the developer to place the previous Zouk site located at Jiak Kim Street of Robertson Quay for disposal through a public tender.
The first area to be sold on the preorder list is the 1.35ha residential having a first-storey commercial area.
The URA revealed that the developer behind pledged to bid the lowest price which is $689,353,000 for the property. Soon as the government accepts this provision, automatically the site will be opened for sale to the public.
With an ultimate legitimate floor area around 551,478 sq ft, the ground is anticipated to at least yield more or less 525 property units.
Sold with a 99-year lease, the land area covers also the three preserved warehouses that existed since 1919.
The Great World MRT and Havelock stations on the approaching development of Thomson-East Coast Line are its neighboring landmarks.
The URA will announce public tender of the area after two to three weeks within this month and only about six weeks is the time frame for the tender period.
Some of the nearby new condos include Martin Modern, Gramercy Park and Sophia Hills. Development in the core central region might be a pickup for good buy as property prices pick up and is expected to rise another 8% going into 2018.