Industrial GS Building in Balestier sold for $67 mil

GS Building, a B1 industrial building in Balestier, located at 16, 18 and 20 Lorong Ampas, was recently sold for $67 million in a collective sale. The successful buyer, JVA Venture, is a local boutique property developer. The reserve price was set at $65 million when the building was put up for sale last month. All owners have given their consent to the sale, therefore approval from the Strata Titles Board is not needed.

The freehold site covers an area of 36,885 sq ft and is zoned “Business 1” under the latest Master Plan, with a plot ratio of 2.5. The three-storey industrial building accommodates 18 strata units. According to Edmund Tie, a rezoning of the land to residential use with a plot ratio of 2.8 may be considered, subject to approvals.

Swee Shou Fern, head of investment advisory at Edmund Tie said: “Due to the limited future supply of industrial and logistics assets, especially those in strategic locations such as GS Building, strong interest will be seen from developers and investors. Moreover, the planning flexibility allows for the site to be potentially redeveloped into a high-rise residential project, which attracted several competitive bids.”

However, JVA Venture has signalled its intention to redevelop the site Tengah Plantation EC into a new “premier” industrial building. Interested parties can stay updated with En Bloc Singapore – Latest News, Enbloc Potential, Listings & Sales in 2023.

Horizon Towers has recently been relaunched at a collective sale price of $1.1 billion, while Euro Asia Park has also been relaunched for sale at $500 million. Furthermore, LHN has acquired GSM Building for $80 million to expand its serviced residences offering.