GS Building (Picture: Edmund Tie)
SINGAPORE (EDGEPROP) - GS Building, a three-storey industrial property located at 16, 18 and 20 Lorong Ampas, within the Balestier Road precinct, is up for sale with a reserve price of $65 million. The building comprises 18 strata units and sits on freehold land zoned for Business 1 (B1) industrial use, which is meant for light industries.
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The land measures about 36,885 sq ft and has a plot ratio of 2.5. The regular-shaped site has a 63m-long frontage along Jalan Ampas and a depth of 69m.
Marketing agent Edmund Tie & Co states that the property has strong redevelopment potential. It adds that re-zoning of the land for residential use with a plot ratio of 2.8 may be considered, subject to approval by authorities. “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,” says Swee Shou Fern, head of investment advisory at Edmund Tie.
No land betterment charge is payable to redevelop the site for B1 use at its existing plot ratio of 2.5. The land rate is approximately $705 psf per plot ratio (psf ppr).
To redevelop the site for residential use at a plot ratio of 2.8, the land rate will work out to approximately $1,397 psf ppr, which includes an estimated land betterment charge of about $79.3 million, states Edmund Tie.
Swee says the property is “a timely opportunity” for developers looking to acquire land for residential development, given the current tight supply of housing stock. She adds that the site’s zoning for industrial use means there is no additional buyer’s stamp duty payable.
The GS Building’s collective sale tender will close on Feb 13 at 3pm.
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