The close of the Jiak Kim Street and Fourth Avenue GLS tenders on Dec 5 saw 10 and seven bids respectively, and land prices reaching a new high in both locations. This is despite the Monetary Authority of Singapore (MAS)’s warning on a possible oversupply last week.
Excluding commercial and white sites, the top bid of $955.4 million ($1,733 psf ppr) submitted by Frasers Centrepoint for the Jiak Kim Street, formerly occupied by Zouk, is the highest land price on a psf basis for GLS sites sold, says Christine Li, director of research at Cushman & Wakefield. The second bid submitted by Hong Leong is only 0.57% lower, “one of the lowest spreads in recent history,” she adds.