Pek Chuan Building Sold En Bloc to Aw & Sons Capital

An Aw & Sons Capital unit secured the Lavender Street commercial property after attracting three bids, paying 4.8% above its S$77 million asking price.

A second collective sale attempt has delivered a successful result for Pek Chuan Building, with the winning offer exceeding its asking price.

The commercial property at 116 Lavender Street has been acquired by an Aw & Sons Capital unit for S$80.68 million, opening a new chapter for the building near Bendemeer MRT Station.

The successful bid was S$3.68 million above the S$77 million asking price at its September relaunch.

With three offers received, the tender gives owners a positive outcome after an earlier sale exercise ended without a deal.

Attention now turns to the buyer’s plans for a site that offers both refurbishment possibilities and potential redevelopment options.

The public tender closed on October 7, attracting three bids, according to Dillon Loi of Mount Everest Properties, the marketing agent.

At S$80.68 million, the winning offer exceeded the revised asking price by approximately 4.8%.

It also surpassed the S$80 million guide price set during the building’s first collective sale launch in October 2025.

That earlier tender closed on November 10 in 2025 without a sale. The subsequent relaunch at a lower asking price ultimately produced a winning bid above both price benchmarks.

The result reflects buyer interest in the property, with its location, tenure and development possibilities providing context for the successful tender.

The purchaser is GH15 Ventures, an investment vehicle of GH15 Investments, which is a subsidiary of Aw & Sons Capital.

Aw & Sons Capital operates as a boutique property developer, investment firm and single-family office within the Aw & Sons Group.

It is led by Aw Chye Wee, the eldest son of founder Aw Kim Chen, and managing director Josh Hu.

GH15 Investments is registered to operate hostels and dormitories for students, workers and other occupants.

However, that business registration does not establish the intended use of Pek Chuan Building.

The buyer’s specific plans were not disclosed in the reported sale details.

One of the property’s most notable features is its proximity to public transport.

Pek Chuan Building is approximately 50 metres from Bendemeer MRT Station on the Downtown Line and within walking distance of Lavender MRT Station on the East West Line.

The existing building has four storeys, with retail premises on its first three levels and offices on the fourth.

Its extended frontage along Lavender Street also gives it a prominent street presence.

For businesses considering the location, this combination of visibility and MRT access is a practical part of the property’s appeal.

The reported land rate is based on the permissible gross floor area.

It excludes any land betterment charge and premium for extending the lease, which would need to be considered separately when assessing development costs.

The acquisition gives the buyer several possibilities to evaluate.

One option is to improve the existing building through refurbishment and asset enhancement.

This could refresh its commercial offering while retaining the structure.

Alternatively, the buyer could explore redevelopment and apply to the Urban Redevelopment Authority for a change of use to a hotel or a development combining different uses.

These remain potential routes. No confirmed redevelopment scheme or approved change of use was identified in the reported transaction details.

Loi sees opportunities for an upgraded Pek Chuan Building to attract office occupiers and food and beverage operators.

He expects potential demand from businesses displaced by the anticipated 2027 redevelopment of Marina Square and Valley Point.

He also anticipates support from upcoming residential developments in Kallang and Boon Keng.

These are the marketing agent’s expectations, rather than confirmed tenant commitments.

Actual demand would depend on factors including the building’s eventual positioning, rental terms and availability.

Pek Chuan Building adds to Aw & Sons Capital’s recent property activity.

In July, the group purchased a pair of freehold conservation shophouses at 136 and 138 Neil Road for S$40.88 million.

It also launched Mber Co Living & Serviced Apartments in June.

The development has 235 rooms and occupies a corner site at Boundary Road and Upper Serangoon Road, along Teck Chye Terrace.

Mber was developed from a row of 15 shophouses. Aw & Sons already owned five and acquired the remaining 10 for S$39 million in 2020, assembling the properties for the project.

✨ Status: SOLD

📍 Address: 116 Lavender Street

💰 Collective sale price: S$80.68 million

🏷️ Relaunch asking price: S$77 million

🏢 Buyer: GH15 Ventures (Aw & Sons Capital)

📐 Land area: 28,700 sq ft

🗺️ Land zoning: Commercial

📊 Plot ratio: 2.5

🏗️ Permissible gross floor area: 71,750 sq ft

↕️ Height limit: 12 storeys

📅 Lease tenure: 99 years from 1978