GSM Building Put Up For En Bloc Sale For S$85mil
SINGAPORE – GSM Building, a five-storey commercial property with 31 office units on the upper level and two retails units on the ground floor, has been put up for collective sale via tender with an indicative price of S$85 million, reported The Edge on Wednesday afternoon (3 August, SGT)
According to marketing agent Mount Everest Properties, the 99-year leasehold project located at 141 Middle Road stands on a land plot measuring 12,003 sq ft that is zoned for commercial use. The site has a remaining leasehold tenure of roughly 59 years.
The marketing agent revealed that an upgrading premium of $18.04 million is payable to refresh the land’s leasehold tenure to 99 years. Adding GSM Building’s guide price of S$85 million, the total acquisition cost is estimated to hit around S$103 million, which works out to S$1,639 psf per plot ratio.
Aside from that, Mount Everest Properties disclosed that the land plot has obtained an advisory from the Urban Redevelopment Authority (URA). The advisory supports a provisional permission application to get in-principle approval to redevelop the office building into a mixed-use residential and commercial project.
“This makes the redevelopment opportunities for the site more attractive for developers to capitalise on the current demand for residential units,” noted the marketing agent.
Strategically situated at the intersection of Waterloo Street and Middle Road in District, GSM Building is within proximity to three MRT stations – Bras Basah, Bencoolen, and Bugis Interchange.
The tender for the commercial property shall close on 13 September 2022.