GH15 Ventures wins Pek Chuan Building tender with $80.68 mil bid
The existing four-storey building has retail area on the very first 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 Terminal on the East-West Line. Loi explains it as the lengthiest standalone industrial establishment with a complete frontage along Lavender Street.
GH15 Ventures has won the shared sale tender for Pek Chuan Building at 116 Lavender Road with an $80.68 million bid.
The location has 28,700 sq ft of land and is zoned commercial, with a plot ratio of 2.5 and a height restriction of 12 floors. At the allowable gross flooring location of 71,750 sq ft, the price works out to $1,124 psf per plot ratio (ppr), excluding any kind of land improvement charge and lease top-up premium. The site is on a 99-year lease that started in 1978, leaving about 51 years.
The general public tender shut off on Oct 7 and drew three bids, says Dillon Loi of Mount Everest Properties, the advertising agent. The winning proposal is 4.8% above the $77 million requesting cost set when the building was relaunched up for sale in September. It additionally tops the $80 million guide cost for its first 2 attempts at a collective sale in October 2025 and March 2026. Both tenders closed without an effective bid.
Company files show that GH15 Ventures is an investment vehicle of GH15 Investments, a company registered to operate hostels and dorms for college students, workers and others. Its director is Stephen Goh.
The arrangement was brokered by Terry Wong, head of funding markets and investment sales at Colliers Singapore, that represented the buyer GH15 Investments.
Refurbishment has actually paid off for a similar structure. Mount Everest Properties marketed GSM Building on Middle Road to Coliwoo for $80 million in 2023. After a major refurbishment, the building, currently called Coliwoo Midtown, is being acquired by CapitaLand Ascott Trust for $134 million under a deal announced in August.
The customer can apply to URA for an improvement of use to a hotel or mixed-use property development. If it opts for asset improvement rather, Loi anticipates the structure to attract workplaces and F&B companies displaced by the 2027 redevelopment of Marina Square and Valley Point. He also expects “solid assistance” from upcoming residential developments in Kallang and Boon Keng.
