GSM Building Sold For S$80mil
SINGAPORE – GSM Building, a 33-unit commercial property along 141 Middle Road, has been sold to real estate player LHN Group for about S$80 million, reported The Edge on Sunday afternoon (13 February, SGT).
Of the units, 20 are leased out, while 13 are self-occupied. Just like with other strata developments in Singapore, GSM Building contains common property. It also stands on a land plot measuring 12,003 sq ft with a leasehold tenure that started from May 1978.
Notably, the commercial property was relaunched for en bloc sale in January 2023, with an indicative price of S$85 million. GSM Building was put up for collective sale last August, and there was an earlier attempt in 2020 with an asking price of S$98 million.
In the latest en bloc sale, the commercial property was marketed by Mount Everest Properties.
According to a recent filing with the Singapore Exchange (SGX), LHN Group revealed that it intends to transform some part of the asset, particularly levels 3 to 6, into serviced apartments under the short-term stay brand Coliwoo, as part of the property player’s broader expansion into this market segment.
To make this change, LHN Group plans to apply for permission from the Urban Redevelopment Authority (URA).
For levels 1 and 2 of GSM Building, the real estate player shall retain the space for commercial usage.
“The GSM Building acquisition will expand the group’s portfolio of residential and commercial properties under its space optimisation business in Singapore, increase the brand value of Coliwoo, provide potential capital appreciation to the group, and provide additional opportunities to generate revenue,” added LHN Group.