A property in Balestier has been sold for $67 million in a collective sale. The successful buyer of the GS Building – located at 16, 18, and 20 Lorong Ampas – is JVA Venture, a local boutique property developer.

The reserve price for the sale was set at $65 million and all the owners have consented to the collective sale, therefore need not apply for approval from the Strata Titles Board.

The 36,885 sq ft site is zoned “Business 1” and has a plot ratio of 2.5 according to the latest Master Plan. The freehold site consists of a three-storey industrial building with 18 strata units.

Head JCube Residence of Investment Advisory at Edmund Tie, Swee Shou Fern stated that due to the limited future supply of industrial and logistics assets, the property attracted several competitive bids.

The possibility of rezoning the land to residential use with a plot ratio of 2.8 could be considered, subject to approvals. However, the developer has indicated their intentions to redevelop the site into a premier industrial building.

Stay tuned for the latest news on En Bloc Singapore, including potential enblocs, listings, and sales for 2023.