GH15 Ventures wins Pek Chuan Building tender with $80.68 mil bid
The successful third collective-sale attempt signals renewed confidence in the Lavender commercial site and could support redevelopment, hotel conversion or asset-enhancement activity in the area.
GH15 Ventures won the Pek Chuan Building collective sale tender with an $80.68 million bid, 4.8% above its $77 million asking price.
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[Correction: This article has been updated for accuracy and to clarify that GH15 Investments is not a subsidiary of Aw & Sons Capital.]
GH15 Ventures has won the collective sale tender for Pek Chuan Building at 116 Lavender Street with an $80.68 million bid.
Company records show that GH15 Ventures is an investment vehicle of GH15 Investments, a company registered to operate hostels and dormitories for students, workers and others. Its director is Stephen Goh.
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The deal was brokered by Terry Wong, head of capital markets and investment sales at Colliers Singapore, who represented the buyer GH15 Investments.
The public tender closed on Oct 7 and drew three bids, says Dillon Loi of Mount Everest Properties, the marketing agent. The winning bid is 4.8% above the $77 million asking price set when the building was relaunched for sale in September. It also tops the $80 million guide price for its first two attempts at a collective sale in October 2025 and March 2026. Both tenders closed without a successful bid.
The site has 28,700 sq ft of land and is zoned commercial, with a plot ratio of 2.5 and a height limit of 12 storeys. At the permissible gross floor area of 71,750 sq ft, the price works out to $1,124 psf per plot ratio (ppr), excluding any land betterment charge and lease top-up premium. The site is on a 99-year lease that started in 1978, leaving about 51 years.
The existing four-storey building has retail space on the first three floors and offices on the fourth. It is about 50m from Bendemeer MRT Station on the Downtown Line and within walking distance of Lavender MRT Station on the East-West Line. Loi describes it as the longest standalone commercial building with a full frontage along Lavender Street.
The buyer can apply to URA for a change 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 businesses displaced by the 2027 redevelopment of Marina Square and Valley Point. He also expects “strong support” from upcoming residential developments in Kallang and Boon Keng.
Refurbishment has paid off for a similar building. Mount Everest Properties sold GSM Building on Middle Road to Coliwoo for $80 million in 2023. After a major refurbishment, the building, now called Coliwoo Midtown, is being acquired by CapitaLand Ascott Trust for $134 million under a deal announced in August.
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