GSM Building at Middle Road for sale at $98 mil

SINGAPORE (EDGEPROP) - GSM Building at 141 Middle Road has been launched for en bloc sale at a reserve price of $98 million. It is the first commercial site to be launched since the lifting of some “circuit breaker” measures on June 2.

The property, a corner double-frontage building facing Middle Road, has a balance lease term of about 61 years. The site, with a land area of 12,003 sq ft, is zoned for commercial use with a 4.2 plot ratio and a height restriction of up to 16 storeys, subject to planning approval.

The building has three retail units on the ground floor and 30 office units on the upper floors. It is within a five-minute walk to Bencoolen MRT Station on the Downtown Line, Bras Basah MRT Station on the Circle Line and Bugis MRT Station, which is an interchange for the East-West Line and Downtown Line.

Additionally, the property is in close proximity to shopping centres such as Bugis Junction, Bugis+, Bugis Village and Sim Lim Square. There are also several educational institutions in the area, including Singapore Management University, School of the Arts, Lasalle College of Arts and Nanyang Academy of Fine Arts.

The buyer will benefit from upcoming changes in the Bugis, Bras Basah and Beach Road area. Mixed-used development Guoco Midtown by GuocoLand and residential condominium The M by WingTai Asia are being built at the moment. Under URA’s Draft Master Plan 2019, new park spaces and streetscape improvements will be introduced in Bugis, and Kampong Bugis along Kallang River will also be developed as a car-lite residential precinct with about 4,000 units.

The tender exercise closes at 3pm on July 16. The property is marketed by Mount Everest Properties.