GSM Building relaunched for sale at $85 mil
/ EdgeProp Singapore |
GSM Building (Picture: Mount Everest Properties)
SINGAPORE (EDGEPROP) - GSM Building, a commercial building at 141 Middle Road, is being relaunched for collective sale at an unchanged guide price of $85 million.
The 99-year leasehold property was previously put up for collective sale in August 2022 with the same guide price. The tender subsequently closed on Sept 13, 2022. According to Mount Everest Properties, the property’s marketing agent, a bid of $85 million made for the site was subsequently withdrawn before a sale and purchase agreement was signed.
Prior to this, owners of GSM Building had attempted an en bloc sale of the property in June 2020. Back then, it was launched for sale with a reserve price of $98 million.
GSM Building is located at the corner of Middle Road and Waterloo Street. It has two retail units on ground floor and 31 office units on the upper floors. The development sits on a 12,003 sq ft site that is zoned for commercial use. The plot has a balance lease term of about 59 years.
Map and overview of GSM Building (Source: EdgeProp LandLens)
According to Mount Everest Properties, the site has received an advisory from URA that supports a provisional permission application for the in-principle redevelopment of the site into a mixed-use commercial and residential development. (Find Singapore commercial properties with our commercial directory)
GSM Building is located within close proximity to three MRT stations, namely Bencoolen Station (Downtown Line), Bras Basah Station (Circle Line) and Bugis Station Interchange (East-West Line and Downtown Line), all within five minutes’ walking distance.
It is located within convenient reach of shopping, lifestyle and healthcare amenities, which include Bugis Junction, Bugis+, Bugis Village, Sim Lim Square, Raffles Hospital, and Singapore Art Museum. Nearby hospitality and co-living facilities include Mercure Hotel, InterContinental Hotel and JW Marriott Hotel.
The tender exercise for GSM Building closes on Jan 27 at 12 noon.
Table showing recent resale transactions at GSM Building (Source: EdgeProp Research)
Check out the latest listings near GSM Building, Middle Road, Bencoolen MRT Station, Bras Basah MRT Station
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