According to Edmund Tie, a rezoning of the land to residential use with a plot ratio of 2.8 could be considered, subject to approvals. (Picture: Edmund Tie)
SINGAPORE (EDGEPROP) - GS Building, a B1 industrial building in Balestier has been sold for $67 million in a collective sale, announced Edmund Tie. The successful buyer is JVA Venture, a local boutique property developer.
The property is at 16, 18, and 20 Lorong Ampas and was put up for sale with a reserve price of $65 million last month. According to Edmund Tie, all the owners have consented to the collective sale, thus approval from the Strata Titles Board is not required.
The 36,885 sq ft site is zoned "Business 1" with a plot ratio of 2.5 under the latest Master Plan. The freehold site comprises of a three-storey industrial building with 18 strata units. According to Edmund Tie, a rezoning of the land to residential use with a plot ratio of 2.8 could be considered, subject to approvals.
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“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,” says Swee Shou Fern, head of investment advisory at Edmund Tie.
She adds: “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."
However, JVA Venture has signalled its intention to redevelop the site into a new "premier" industrial building.
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