Singapore, 14 February 2023 – Edmund Tie & Company (EDMUND TIE), as the sole marketing agent, is pleased to announce that the tender for the collective sale of GS Building at 16, 18 and 20 Lorong Ampas has been awarded to JVA Venture Pte Ltd at price of S$67 million.
The freehold site currently seats a three-storey industrial building comprising 18 strata units. All the owners have consented to the collective sale and approval from the Strata Titles Board would not be required.
The regular-shaped site is well-located along the idyllic Whampoa River and Whampoa Park Connector. 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.
Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at EDMUND TIE, says, “On the back of limited future supply, industrial and logistics assets, especially those which are in strategic locations such as GS Building, will continue to see strong interest from developers and investors, local and foreign alike. Coupled with its planning flexibility that allows the site to be redeveloped to a new high-rise residential project, the property has attracted several competitive bids.”
She continues, “The successful bidder, JVA Venture Pte Ltd, who has completed a number of successful residential and industrial redevelopment projects in Singapore, plans to redevelop the freehold site to a premier industrial building, leveraging the shortage of well-designed industrial space with high specifications in city fringe location.”
GS Building is 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.
For further information contact:
Swee Shou Fern (Ms)
DID: +65 6393 2523
Media please contact:
Seah Li Ching
DID: +65 6393 2369