Singapore, 9 January 2023 – Edmund Tie & Company (EDMUND TIE), as the sole marketing agent, is pleased to offer for sale a freehold redevelopment site located at 16, 18 and 20 Lorong Ampas. The site currently seats a three-storey industrial building, known as GS Building, which comprises 18 strata units.
The tender for GS Building’s collective sale will close on 13 February 2023 at 3pm.
Located along Whampoa River and Whampoa Park Connector, the regular-shaped site enjoys a prominent 63-metre road frontage along Jalan Ampas and a depth of 69 metres. The land area is approximately 3,426.7 sq m (36,885 sq ft).
Under the Master Plan 2019, the site is zoned “Business 1” with a plot ratio of 2.5. A rezoning of the land to “Residential” with a plot ratio of 2.8 can also be considered, subject to authorities’ approval.
The reserve price for the property is S$65 million.
To redevelop the freehold site for “Business 1” use at plot ratio 2.5, there will be no land betterment charge payable, and the land rate works out to approximately S$705 per sq ft per plot ratio. For the alternative “Residential” use at plot ratio 2.8, the land rate will work out to approximately S$1,397 per sq ft per plot ratio, which includes an estimated land betterment charge of about S$79.3 million.
As the site is currently zoned for “Business 1” use, there is no restriction on foreign ownership and no Additional Buyer Stamp Duty (ABSD) is payable.
Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at EDMUND TIE, says, “Freehold industrial sites near the city fringe are often tightly held and are rarely available for sale. One of this site’s appeal is its redevelopment flexibility; apart from the redevelopment potential to a new light industrial development, the buyer also has the option to build a residential project that can be positioned as an idyllic urban retreat at the city fringe, with direct connections to the city core, while being tucked away in the folds of Balestier’s serenity.”
Ms Swee opines, “It is a timely opportunity now for developers to acquire land for residential development, on the back of the unsold housing stock which is now at its 15-year low. Additionally, the unique status of the site’s current land use zoning for industrial means that there is no ABSD payable and no time pressure to fulfil the five-year obligation for the remission of the ABSD, which then allows the developer the elasticity to time the market accordingly for the residential project launch.”
Strategically located in the city fringe within the established Balestier Road precinct, which is synonymous with many popular local eateries and charming shophouses with a myriad of retail offerings. There is a robust network of amenities nearby, such as Zhongshan Mall, Velocity, United Square, as well as an array of healthcare services at Health City Novena. The site is easily accessible via the Central and Pan-Island Expressways and is a short drive to the Central Business District and Orchard Road.
Nearby reputable educational institutions include Anglo-Chinese School (Barker Road), Anglo-Chinese School (Primary), CHIJ Primary School (Toa Payoh), Catholic Junior College, St Andrew’s Junior School, St Joseph’s Institution, St Joseph’s Institution International, among others.
ENDS
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For further information contact: Swee Shou Fern (Ms) Executive Director Investment Advisory DID: +65 6393 2523 Email: shoufern.swee@etcsea.com |
Media please contact: Seah Li Ching Head Corporate Communications DID: +65 6393 2369 Email: liching.seah@etcsea.com |