GS Building sold to JVA Venture for S$67 million

GS BUILDING has been sold to JVA Venture for S$67 million, a notch higher than its reserve price of S$65 million.

Located at 16, 18 and 20 Lorong Ampas, along Whampoa River and Whampoa Park Connector, the freehold site seats a three-storey industrial building comprising 18 strata units.

It has a land area of about 3,426.7 square metres or 36,885 square feet, and is zoned Business 1 under the Urban Redevelopment Authority Master Plan 2019 with a plot ratio of 2.5.

The land can also be rezoned to residential use with a plot ratio of 2.8, though this is subject to approval by the authorities, said sole marketing agent Edmund Tie on Tuesday (Feb 14).

JVA Venture plans to redevelop the site into an industrial building, leveraging the shortage of well-designed industrial space with high specifications in the city fringe location, said Swee Shou Fern, Edmund Tie head of investment advisory.

GS Building is located within the Balestier Road precinct. Amenities in the vicinity include shopping malls Zhongshan Mall, Velocity and United Square, as well as healthcare service Health City Novena.

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It is also easily accessible via Central Expressway and Pan-Island Expressway, and is a short drive to the Central Business District and Orchard Road.