GS Building, a B1 industrial building located at 16, 18 and 20 Lorong Ampas in Balestier has been sold for $67 million to JVA Venture, a local boutique property developer.
The successful purchase of the building was announced by Edmund Tie and was subject to a reserve price of $65 million last month. All the owners have agreed to the collective sale, thus necessitating no approval from the Strata Titles Board.
The 36,885 sq ft site is zoned “Business 1” and according to Master Plan, the plot ratio is 2.5. The freehold site contains a three-story industrial building with 18 strata units. Edmund Tie proposed consider a rezoning of the land to residential use with a Champions Way Condo plot ratio of 2.8, pending approval.
Swee Shou Fern, head of investment advisory at Edmund Tie noted that industrial and logistics assets, especially those in strategic locations such as GS Building, are in high demand from developers and investors due to limited future supply. In addition, the property’s planning flexibility allows it to be redeveloped into a new high-rise residential project, and thus attract competitive bids.
However, the successful buyer, JVA Venture, has aimed to redevelop the site into a new “premier” industrial building instead. So keep an eye on En Bloc Singapore news, Enbloc Potential listings and sales in 2023 to stay up-to-date. Moreover, if you’re thinking of properties near GS Building, check out the latest listings.
Horizon Towers was also relaunched in its fifth collective sale bid at $1.1 billion while Euro Asia Park was set for another collective sale at $500 million. Furthermore, LHN was looking to buy the GSM Building for $80 million to expand its serviced residences offering.