For sale in Lorong Ampas is an industrial facility for $65 million
GS Building, a three-storey industrial property situated at 16, 18.20 and Lorong Ampas, within the Balestier Road precinct, is being offered for sale at an estimated reserve at $65 million. The property comprises 18 strata units, and is situated on freehold land zoned to the Business 1 (B1) industrial use, which is intended to be used for light industry.
The Lakegarden Residences in Yuan Ching Road Lakeside sits in a desirable location in the Jurong neighbourhood. It’s a perfect location away from the fast-paced city life and allows homeowners to live in Singapore’s next.
The land covers 36,885 sq feet and has a plot-to-plot proportion of 2.5. The rectangular-shaped site has a 63m-long length of frontage across Jalan Ampas and a depth of 69m.
The marketing Agent Edmund Tie & Co states that the property has a strong potential for redevelopment. The company also suggests that re-zoning the land to residential purposes with the plot ratio of 2.8 is possible in the event of approval from authorities. “Apart from the possibility of redevelopment into a light industrial project buyers also have the option of building an apartment building that could be advertised as a tranquil urban retreat located at the city’s fringe,” says Swee Shou Fern, the head of the investment advisory department of Edmund Tie.
There is no charge for land improvement required to redevelop the site to B1 use, with its current percentage of 2.5. The land price is $705 per plot ratio (psf per ppr).
To develop the site to accommodate residential development at a plot-to-plot ratio of 2.8 and the land price will be approximately $1,397 per sq ft ppr. This includes an estimated land improvement cost of around $79.3 million, according to Edmund Tie.
Swee states that the property is “a perfect chance” for developers who are looking to acquire the land to develop residential properties, due to the shortage of housing inventory. The property’s zoned for industrial uses implies there is no buyer’s stamp duty to be paid.
The collective sale tender for the GS Building will end on February 13 at 3pm.