Pek Chuan Building Returns to En Bloc Market with Price Cut!

The commercial corner property near Bendemeer MRT offers redevelopment potential, with hotel or mixed-use conversion subject to URA approval.

A lower asking price is putting Pek Chuan Building back in focus.

The commercial property at 116 Lavender Street has returned to the collective sale market at approximately S$77 million, down S$3 million from its previous S$80 million guide price.

The reduction of approximately 3.8% gives prospective buyers a fresh opportunity to assess a corner site with established retail and office space, convenient MRT access and several possible paths for its future.

The existing four storey building occupies a 28,700 sq ft corner plot. Its asking price translates to approximately S$1,073 per square foot per plot ratio.

Retail premises occupy the first three floors, while offices are located on the fourth floor.

📍 Address: 116 Lavender Street
💰 Asking price: Approximately S$77 million
📐 Land area: 28,700 sq ft
🏙️ Zoning: Commercial
📊 Gross plot ratio: 2.5
🔑 Tenure: Leasehold, with the state lease expiring in May 2081
🤝 Marketing agent: Mount Everest Properties

💰 Revised Price Following the Previous Tender

Pek Chuan Building was previously offered for collective sale in October 2025 at a guide price of S$80 million.

That tender closed on 10 November 2025.

The latest offering lowers the asking price by approximately S$3 million.

For potential purchasers, this changes the acquisition cost to weigh against refurbishment or redevelopment plans.

According to Mount Everest Properties, the site has a plot ratio of 2.5 and a height restriction of up to 12 storeys, subject to planning approval.

Dillon Loi of the marketing agency said a purchaser could apply to convert the en bloc property to a hotel or mixed-use development.

Any such change would require URA approval.

These possibilities provide scope to explore different concepts, but they should not be read as approved development plans.

The eventual use and building configuration would depend on the proposal and relevant permissions.

Loi also indicated that the buyer would have naming rights for a future refurbished development.

📍 Corner Position Along Lavender Street

The building’s corner location and street frontage are central features of the offering.

According to Loi, Pek Chuan Building has the longest standalone full frontage among commercial properties along Lavender Street.

This is a marketing agent claim and forms part of the property’s positioning.

The building also sits next to CT Hub and CT Hub 2, which contain light industrial premises alongside retail and food and beverage spaces.

Bendemeer MRT Station is approximately a three-minute walk from the property, while Lavender MRT Station is around 10 minutes away on foot, according to the marketing information.

Aperia Mall and the specialty shops and lifestyle businesses along King George’s Avenue are also nearby, at approximately a five-minute walk.

The surrounding area includes several hospitality properties, such as Arcadia Hotel, Aqueen Prestige Hotel Lavender and Ibis Budget Singapore Imperial.

This provides context for the suggested hotel option, although any conversion would still need approval.

The public tender for Pek Chuan Building closes on 7 October 2026.