GH15 Ventures wins Pek Chuan Building tender with $80.68 mil bid
Refurbishment has paid off for a similar building. Mount Everest Properties offered GSM Building on Middle Road to Coliwoo for $80 million in 2023. After a significant repair, the structure, now called Coliwoo Midtown, is being gotten by CapitaLand Ascott Trust for $134 million under a deal released in August.
Firm documents show that GH15 Ventures is an investment vehicle of GH15 Investments, a business signed up to operate hostels and dorm rooms for students, workforces and others. Its director is Stephen Goh.
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 storeys. At the allowable gross flooring area of 71,750 sq ft, the rate works out to $1,124 psf per plot ratio (ppr), leaving out any type of land improvement cost and lease top-up premium. The site gets on a 99-year lease that commenced in 1978, leaving approximately 51 years.
GH15 Ventures has already won the shared sale tender for Pek Chuan Establishment at 116 Lavender Road with an $80.68 million offer.
The general public tender closed on Oct 7 and drew three bids, claims Dillon Loi of Mount Everest Properties, the advertising professional. The winning bid is 4.8% above the $77 million asking price established when the building was relaunched for sale in September. It even covers the $80 million guide cost for its very first 2 attempts at a cumulative sale in October 2025 and March 2026. Both tenders shut without a successful bid.
The presenting four-storey building has retail space on the very first 3 floorings and workplaces on the fourth. It is about 50m from Bendemeer MRT Station on the Downtown Line and within strolling range of Lavender MRT Terminal on the East-West Line. Loi explains it as the longest standalone commercial property with a full frontage along Lavender Street.
The purchaser can apply to URA for an improvement of use to a hotel or mixed-use development. If it opts for asset enhancement instead, Loi expects the building to attract offices and F&B organizations displaced by the 2027 redevelopment of Marina Square and Valley Point. He likewise anticipates “strong support” from upcoming residential developments in Kallang and Boon Keng.
The arrangement was agented by Terry Wong, head of capital markets and investment sales at Colliers Singapore, who represented the buyer GH15 Investments.
