JVA Venture Pte Ltd has purchased S$67 million for the group sale of GS Building at 16, 18 and 20 Lorong Ampas.
Currently seated on a three-story industrial structure with eighteen stratum is the freehold plot. There is no need for all the owners to agree to the collective sale or permission from the Strata Titles Board.
The well-located regular-shaped plot runs along Whampoa Park Connector and the excellent Whampoa River. About 3,426.7 square meters (36,885 square feet) makes up the land area.
Under the Master Plan 2019, the land has a 2.5 plot ratio and is categorised “Business 1”. Subject to authorities’ clearance, another option is a rezoning of the property to “Residential” with a plot ratio of 2.8.
“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,” says Ms Swee Shou Fern of EDMUND TIE.
Coupled with its planning adaptability allowing the land to be rebuilt into a new high-rise residential building, the property has drawn multiple competing offers.
“The successful bidder, JVA Venture Pte LTD, who has completed a number of successful residential and industrial redevelopment projects in Singapore, plans to rebuild the freehold site to a premier industrial building, leveraging the shortage of well-designed industrial space with high specifications in city fringe location,” she says.
Strategically situated at the city edge inside the Balestier Road sector, GS Building is connected with numerous well-known local restaurants and quaint shophouses with a wide range of shopping options. Nearby facilities like Zhongshan Mall, Velocity, United Square, and a range of healthcare services at Health City Novena provide a strong network of conveniences. The location is a short commute to the Central Business District and Orchard Road via the Central and Pan-Island Motorways.