Freehold light industrial site along Whampoa River up for sale at S$65m

A THREE-STOREY freehold industrial building, the GS Building, has been put up for sale via tender on Monday (Jan 9) at the reserve price of S$65 million, said sole marketing agent Edmund Tie.

The 18-strata-unit building sits on 16, 18 and 20 Lorong Ampas, along Whampoa River and Whampoa Park Connector and has a land area of approximately 3,426.7 sq m (36,885 sq ft). It is zoned “Business 1” under the Urban Redevelopment Authortiy (URA) Master Plan 2019 and has a plot ratio of 2.5.

There is no land betterment charge payable if the owner decides to redevelop the property at its current approved use and plot ratio. This puts the land rate at about S$705 per sq ft per plot ratio.

Foreign buyers are currently eligible to purchase the site without having to pay an additional buyer stamp duty (ABSD).

The owner of the property may also apply to rezone the plot as “residential” with a plot ratio of 2.8, though this is subject to approval by the authorities.

If the rezoning application is successful and the new plot ratio is accepted, the land rate will work out to about S$1,397 per sq ft per plot ratio, including an estimated land betterment charge of about S$79.3 million.

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Swee Shou Fern, head of investment advisory at Edmund Tie believes this would be a timely opportunity for developers to acquire land for residential development, given that unsold housing stock is now at a 15-year low.

The site is located near a number of shopping malls and schools, including Zhongshan Mall, Velocity, United Square, Anglo-Chinese School (Barker Road), CHIJ Primary School (Toa Payoh) and St Joseph’s Institution.

The tender for the collective sale of the building will close on Feb 13 at 3pm.