- The Straits Times
The Jiak Kim site where iconic nightclub Zouk used to sit could be home to a new residential development soon.
In a statement, the Urban Redevelopment Authority (URA) said it had accepted an application from a developer to put up the site for sale by public tender.
The 1.35 ha land parcel with maximum permissible gross floor area of 51,234 sqm was first made available for sale on the Reserve List in June 2017.
It will house a residential development with the first storey set aside for commercial use.
The maximum building height allowed for the 99-year lease site is 36 storeys. It will hold approximately 525 housing units.
URA said the developer who submitted the application committed to a bid price of no less than $689,353,000.
The minimum price committed was accepted, and the site will be released for sale by public tender in about two to three weeks.
The tender period for the land parcel will be about 6 weeks.