Industrial GS Building in Balestier sold for $67 mil

JVA Venture is a local boutique property developer that is looking to build a new industrial building on the site. The collective sale of GS Building marks the seventh successful collective sale in 2021 that was brokered by Edmund Tie since the start of the year.

JVA Venture, a local boutique property developer, has successfully acquired GS Building, an industrial B1 property at 16, 18, and 20 Lorong Ampas, in Balestier, Singapore, for $67 million in a collective sale. All owners have consented to the sale, thus approval from the Strata Titles Board was 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.

Swee Shou Fern, head of investment advisory at Edmund Tie, the firm which brokered the sale, noted the strong interest from developers and investors in the property, which was put up for sale with a reserve price of $65 million and has the flexibility to be rezoned to residential use with a plot ratio of 2.8, subject to approvals.

JVA Venture has The Myst signalled its intention to redevelop the site into a “premier” industrial building, with the collective sale marking the seventh successful collective sale of 2021 brokered by Edmund Tie.

This latest development follows a stream of other collective sales throughout 2021, with properties such as Horizon Towers, Euro Asia Park and GSM Buildings being sold to various buyers at varying prices. This surge in collective sales has been attributed to the economic rebound projected for Singapore with limited future supply in industrial and logistics assets.

With the GS Building sale, JVA Venture is set to begin work on its newest venture – the premier industrial building – which looks promising for the rest of 2021 and beyond.