Industrial GS Building in Balestier sold for $67 mil

/ EdgeProp Singapore |
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)
Ask Buddy
Compare price trend of HDB vs Condo vs Landed
Condo projects with most expensive average PSF
Most unprofitable condo transactions in past 1 year
Compare price trend of New sale condo vs Resale condo
Condo transactions with the highest profits in the past year
Compare price trend of HDB vs Condo vs Landed
Condo projects with most expensive average PSF
Most unprofitable condo transactions in past 1 year
Compare price trend of New sale condo vs Resale condo
Condo transactions with the highest profits in the past year
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.
Advertisement
Advertisement
GS Building landlens - EDGEPROP SINGAPORE
The site at 16, 18, and 20 Lorong Ampas will be redeveloped into a new industrial building. (Map: EdgeProp Landlens)
“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.
Check out the latest listings near GS Building
Ask Buddy
Compare price trend of HDB vs Condo vs Landed
Condo projects with most expensive average PSF
Most unprofitable condo transactions in past 1 year
Compare price trend of New sale condo vs Resale condo
Condo transactions with the highest profits in the past year
Compare price trend of HDB vs Condo vs Landed
Condo projects with most expensive average PSF
Most unprofitable condo transactions in past 1 year
Compare price trend of New sale condo vs Resale condo
Condo transactions with the highest profits in the past year

Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp Facebook
Subscribe to our newsletter

Our Site

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

View More