Tender for freehold redevelopment site in Lorong Ampas opens

The site has a reserve price of $65m.

EDMUND TIE has opened the tender for a freehold redevelopment site located at 16, 18 and 20 Lorong Ampas where the three-storey industrial building, GS Building, is situated.

The tender for the site will close on 13 February 2023 at 3 pm. The site has a reserve price of $65m.

According to EDMUND TIE, the regular-shaped site enjoys a prominent 63-metre road frontage along Jalan Ampas and a depth of 69 metres, whilst its land area is 3,426.7 sq m (36,885 sq ft).

Under the Master Plan 2019, the site is zoned “Business 1” with a plot ratio of 2.5. A rezoning of the land to “Residential” with a plot ratio of 2.8 is possible, subject to approval.

If the freehold site gets redeveloped for ‘Business 1’ use, there will be no land betterment charge payable, and the land rate works out to approximately $705 per sq ft per plot ratio.

“As the site is currently zoned for ‘Business 1’ use, there is no restriction on foreign ownership and no Additional Buyer Stamp Duty (ABSD) is payable,” EDMUND TIE said.

For those who wish to redevelop the site for “Residential” use, the land rate will work out to approximately $1,397 per sq ft per plot ratio, which includes an estimated land betterment charge of about $79.3m.

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