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FCL tops bids for former Zouk site; Allgreen tops bids for Fourth Ave site

FRASERS Centrepoint Limited has emerged top in a keen contest of 10 bidders for a residential site in Jiak Kim Street, the former site of popular nightspot Zouk, at S$955.4 million.

Separately, Allgreen Holdings emerged top among seven bidders for a residential site at Fourth Avenue at S$552.96 million.

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

The 13,482 sq m site at Jiak Kim Street comes with commercial use on the first floor. FCL's bid for this site translates to S$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 Robert Kuok's Allgreen Holdings for the 18,532.2 sq m site at Fourth Avenue reflects a land rate of S$1,540 psf ppr, which is 2 per cent above the second-highest bid from Bukit Sembawang Estates.