GSM Bldg Put Up For Collective Sale Again
SINGAPORE – GSM Building, a mixed-use commercial property at 141 Middle Road, was relaunched for en bloc sale with an indicative price of S$85 million, reported The Edge on Wednesday evening (11 January, SGT).
Previously, the office and retail development was put up for collective sale last August with the same guide price. The commercial property consists of 31 office units on the upper levels and 2 retail premises on the 1st floor.
Marketing agent Mount Everest Properties revealed that the prior collective sale tender closed on 13 September 2022, with one party making a bid of S$85 million. However, the offer was withdrawn before the inking of a sale & purchase agreement (SPA).
Way back in June 2020, the unit owners had put up the GSM Building for collective sale with a reserve price of S$98 million.
The commercial property stands on a land plot measuring 12,003 sq ft. The commercially-zoned site has a leasehold tenure of 99 years, but it has a remaining term of around 59 years.
Mount Everest Properties disclosed that an advisory from the Urban Redevelopment Authority (URA) supports a provisional permission application for the site’s in-principle redevelopment into a mixed-use project comprising commercial and residential units.
GSM Building is within a 5-minute walk to 3 MRT stations – Bras Basah Station on the Circle Line, Bencoolen Station on the Downtown Line, and Bugis Station Interchange on the East-West Line & Downtown Line.
The commercial property is within proximity to many amenities, such as Bugis+, Bugis Village, Bugis Junction, Sim Lim Square, and Raffles Hospital. Nearby hotels include Mercure Hotel, JW Marriott Hotel, and InterContinental Hotel.
The en bloc tender exercise for GSM Building will close at 12 noon on 27 January 2023.
