GH15 Ventures wins Pek Chuan Building tender with $80.68 mil bid
GH15 Ventures has actually won the collective sale tender for Pek Chuan Establishment at 116 Lavender Street with an $80.68 million quote.
Firm documents present that GH15 Ventures is an investment vehicle of GH15 Investments, a business signed up to operate hostels and dorm rooms for university students, workers and others. Its director is Stephen Goh.
Refurbishment has actually paid off for a comparable building. Mount Everest Properties sold GSM Building on Middle Road to Coliwoo for $80 million in 2023. After a major refurbishment, the structure, currently called Coliwoo Midtown, is being acquired by CapitaLand Ascott Trust for $134 million under a deal publicized in August.
The arrangement was agented by Terry Wong, head of funding markets and investment sales at Colliers Singapore, that represented the buyer GH15 Investments.
The public tender shut off on Oct 7 and drew three bids, claims Dillon Loi of Mount Everest Properties, the advertising representative. The winning bid is 4.8% above the $77 million asking price established when the building was relaunched up for sale in September. It additionally covers the $80 million overview price for its first two efforts at a collective sale in October 2025 and March 2026. Both tenders finalized without an effective bid.
The customer can apply to URA for an improvement of use to a hotel or mixed-use development. If it chooses for asset improvement instead, Loi anticipates the structure to bring in offices and F&B services displaced by the 2027 redevelopment of Marina Square and Valley Point. He additionally expects “strong support” from upcoming residential developments in Kallang and Boon Keng.
The location has 28,700 sq ft of land and is zoned commercial, with a plot ratio of 2.5 and an elevation limit of 12 floors. At the permissible gross ground area of 71,750 sq ft, the rate works out to $1,124 psf per plot ratio (ppr), omitting any type of land improvement cost and lease top-up premium. The site gets on a 99-year lease that started off in 1978, leaving approximately 51 years.
The presenting four-storey building has retail room on the initial three levels and offices on the fourth. It is about 50m from Bendemeer MRT Terminal on the Downtown Line and inside walking distance of Lavender MRT Station on the East-West Line. Loi explains it as the lengthiest standalone commercial structure with a complete frontage along Lavender Street.
