Industrial GS Building in Balestier sold for $67 mil

JVA Venture has successfully acquired GS Building in Balestier for $67 million. Located at 16, 18, Senja Close EC and 20 Lorong Ampas, the collective sale reserve price was set at $65 million. The B1 industrial building comprises of a three-storey industrial building with 18 strata units.

JVA Venture, a local boutique property developer, has acquired GS Building located at 16, 18, and 20 Lorong Ampas in Balestier, Singapore. The freehold site had a reserve price of $65 million and was sold for $67 million.

Spread across 36,885 sq ft, the B1 industrial building has a plot ratio of 2.5 according to the latest Master Plan and comprises of a three-storey industrial building with 18 strata units. All the owners have consented to the collective sale and approval from the Strata Titles Board is not required.

The property will be redeveloped into a new industrial building as JVA Venture has signalled its intention for such a development. However, under the new Master Plan, the site could potentially be rezoned from a Business 1 to residential use with a plot ratio of 2.8, subject to approvals.

Swee Shou Fern, head of investment advisory at Edmund Tie, says that industrial and logistics assets, especially those located in strategic locations such as GS Building, will continue to attract strong interest from developers and investors due to limited future supply. The property has also attracted several competitive bids due to its planning flexibility, which allows the possibility of redevelopment into a new high-rise residential project.

Stay updated with the latest news, enbloc potential, listings & sales in 2023 by checking out the latest listings near GS Building. With Horizon Towers relaunched at $1.1 billion and Euro Asia Park relaunched at $500 million in collective sales, LHN has also purchased GSM Building for $80 million to expand its serviced residences offering.