GH15 Ventures wins Pek Chuan Building tender with $80.68 mil bid
The location has 28,700 sq ft of land and is zoned commercial, with a plot ratio of 2.5 and a height limit of 12 floors. At the permissible gross ground area of 71,750 sq ft, the cost works out to $1,124 psf per plot proportion (ppr), omitting any land betterment charge and lease top-up premium. The site is on a 99-year contract that began in 1978, leaving around 51 years.
The presenting four-storey building has retail space on the very first three levels and offices on the 4th. It is about 50m from Bendemeer MRT Terminal on the Downtown Line and inside walking range of Lavender MRT Terminal on the East-West Line. Loi defines it as the lengthiest standalone industrial establishment with a full frontage along Lavender Street.
Company documents show that GH15 Ventures is an investment vehicle of GH15 Investments, a business registered to operate hostels and dorm rooms for college students, workforces and others. Its supervisor is Stephen Goh.
The general public tender closed on Oct 7 and drew 3 bids, claims Dillon Loi of Mount Everest Properties, the promotion and marketing professional. The succeeding proposal is 4.8% over the $77 million asking rate established when the building was relaunched up for sale in September. It additionally covers the $80 million guide cost for its very first two efforts at a cumulative sale in October 2025 and March 2026. Both tenders finalized without an effective bid.
The deal was brokered by Terry Wong, head of funding markets and financial investment sales at Colliers Singapore, that represented the buyer GH15 Investments.
Refurbishment has repaid for a comparable structure. Mount Everest Properties offered GSM Building on Middle Road to Coliwoo for $80 million in 2023. After a significant refurbishment, the structure, now called Coliwoo Midtown, is being gotten by CapitaLand Ascott Trust for $134 million under a deal announced in August.
GH15 Ventures has won the shared sale tender for Pek Chuan Building at 116 Lavender Street with an $80.68 million quote.
The purchaser can apply to URA for an improvement of use to a hotel or mixed-use property development. If it chooses for asset improvement instead, Loi expects the structure to attract offices and F&B services displaced by the 2027 redevelopment of Marina Square and Valley Point. He also expects “solid support” from upcoming residential developments in Kallang and Boon Keng.
