A three-story industrial building with a $65 million reserve price is available for sale

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Tembusu Grand Condo Jalan Tembusu

GS Building, a three-storey industrial property situated at 16, 18 , and 20, 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 land that is freehold and zoned for business 1 (B1) industrial use, which is intended to be used for light industry.

Tembusu Grand Condo Jalan Tembusu is ideally located in the most attractive setting in Singapore due to the spectacular beach views in district 15.

The land is approximately 36,885 sq feet and has a plot-to-plot size of 2.5. The rectangular-shaped site is 63m long with a frontage on Jalan Ampas and a depth of 69m.

The marketing agency Edmund Tie & Co states that the property is highly redevelopment-friendly. The company also suggests that re-zoning the land to residential development with the plot ratio of 2.8 could be considered as a possibility, subject to the approval of authorities. “Apart from the possibility of redevelopment for a new light industrial project buyers also have the option of building an apartment building that could be used 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 land betterment fee due to develop the site to B1 use, with its current percentage of 2.5. The land price is $705 per plot (psf per ppr).

To develop the site to accommodate residential development with a plot ratio of 2.8 The land cost is estimated to be around $1,397 per sq ft ppr. This will include an estimated land betterment cost of around $79.3 million, according to Edmund Tie.

Swee states that the property is “a perfect possibility” for developers seeking to purchase the land to develop residential properties, due to the shortage of housing inventory. The site’s industrial zoning implies there is no stamp duty for buyers to pay.

The collective sale tender for the GS Building is due to close on the 13th of February at 3pm.