GB Building Owners Hold 2nd EGM For En Bloc Sale

SINGAPORE – A strata unit owner at GB Building along 143 Cecil Street revealed that the collective sales process for the commercial property is progressing, reported The Business Times on Wednesday evening (13 October, SGT).

In a filing with the Singapore Exchange (SGX) on Wednesday, Chuan Hup Holdings revealed that the terms and conditions of the collective sale agreement and the method to divide the sales proceeds have been greenlighted during the second extraordinary general meeting (EGM) on 7 October. This comes after a collective sale committee (CSC) was appointed to begin the en bloc sale process earlier this year.

Notably, Chuan Hup Holdings’ fully-owned unit Provest Realty holds 3 office floors in GB Building from 20th floor to level 22. Chuan Hup Holdings is a real estate developer and investor listed on SGX’s main board. The company originally acquired the office space in GB Building in November 2014.

However, Chuan Hup’s SGX filing failed to mention the agreed reserve price for GB Building, which is located in Singapore’s Central Business District (CBD). Still, all strata unit owners who acquiesced to the collective sale, including Provest, will sign the collective sale agreement. A minimum of 80 percent of unit owners by strata area and share value need to approve the en bloc sale before the appointed marketing agent can kick-start its public tender.

In April, it was reported that GB Building, a mixed-use development with office space and retail units, was among several properties in Singapore that could soon be launched for en bloc sale.

The 26-storey GB Building consists of an office tower, a retail podium, and a 3-storey basement car park. The commercial property stands on land plot with a 99-year leasehold tenure with effect from October 1982, so it has a remaining term of roughly 60 years.

Meanwhile, some office space in GB Building have recently entered the market. Last year, at least 3 office floors there were put up for sale.