Industrial GS Building in Balestier sold for $67 mil

JVA Venture, the successful buyer of GS Building, is a local boutique property developer known for its niche industrial projects in Singapore. The firm is helmed by Ng Jun Wee, a veteran in the property industry.In other news, Kingsford Waterbay was relaunched for collective sale with a reserve price of $1.02 billion on April 5. GS Building is the latest among several industrial sites that have been sold collectively in the past two months.

JVA Venture, a local boutique property developer, is the successful buyer of GS Building, a B1 industrial building in Balestier, Singapore. Comprising of three strata units across 36,885 sq ft, the freehold building was sold for $67 million in a collective sale.

The sale was recently announced by Edmund Tie and all owners consented to the collective sale, meaning approval from the Strata Titles Board was not required. Swee Shou Fern, head of investment advisory at Edmund Tie, believes limited supply in industrial and logistics assets and the site’s strategic location enticed developers and investors.

Further, Fitzalan Potts, the managing director of JVA Venture, expressed intentions to redevelop the site into a premier industrial building. JVA Venture is helmed by Ng Jun Wee, a veteran in the property industry renowned for his niche industrial projects in Singapore.

The GS Building site is zoned “Business 1” under the latest Master Plan, allowing for a plot ratio of up to 2.5. However, rezoning to residential use with a plot ratio of 2.8 is also possible subject to approvals.

The collective sale of GS Building marks the latest in a string of successes in the Singapore industrial sector in the past two months. Horizon Towers was also recently relaunched for a collective sale bid with a reserve price of $1.1 billion, while Euro Asia Parkrelaunched at $500 million.

At the same time, LHN Group has placed a winning bid of $80 million for GSM Building, an industrial asset located nearby, to expand its portfolio of serviced residences offerings.

To stay updated with the latest news, en bloc potential, listings and sales in 2023, EdgeProp brings you En Bloc Singapore – the one-stop destination. Also, do check out the latest listings near GS Building.

GS Building, a B1 industrial building in Balestier, has been sold for $67 million in a collective sale. The successful buyer, JVA Venture, a local boutique property developer, expressed intentions to redevelop the site into a premier industrial building. The sale was recently announced by Edmund Tie and all owners consented to the collective sale, meaning approval from the Strata Titles Board was not required.

The property is at 16, 18, and 20 Lorong Ampas, comprises of 36,885 sq ft and was put up for sale with a reserve price of $65 million last month. This GS Building site is zoned “Business 1” with a plot ratio of up to 2.5 under the latest Master Plan, but rezoning to residential use with a plot ratio of 2.8 is also possible subject to approvals.

Swee Shou Fern, head of investment advisory at Edmund Tie, believes limited supply in industrial and logistics assets and the site’s strategic location enticed developers and investors. JVA Venture is helmed by Ng Jun Wee, a veteran in the property industry renowned for his niche industrial projects in Singapore.

Other recent activites in the Singapore industrial sector include Horizon Towers, which was relaunched for a collective sale bid with a reserve price of $1.1 billion, and Euro Asia Park, which relaunched at $500 million.

At the same time, LHN Group has Tengah EC placed a winning bid of $80 million for GSM Building, an industrial asset located nearby, to expand its portfolio of serviced residences offerings.

Stay updated with the latest news, en bloc potential, listings and sales in 2023 with EdgeProp’s En Bloc Singapore – the one-stop destination. Also, do check out the latest listings near GS Building.