SINGAPORE (EDGEPROP) - GSM Building, a commercial building at 141 Middle Road, has launched a collective sale tender with a guide price of $85 million. The sale of the 99-year leasehold development is marketed by Mount Everest Properties.
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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. According to a press release from Mount Everest Properties, the upgrading premium is $18.04 million, on top of the guide price. (Find Singapore commercial properties with our commercial directory)
This brings the cost of the acquisition to about $103 million, which translates to $1,639 psf per plot ratio, says the marketing agency.
The agency adds that 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.
“This makes the redevelopment opportunities for the site more attractive for developers to capitalise on the current demand for residential units,” the agency says.
GSM Building is located at the junction of Middle Road and Waterloo Street in District 7. Due to its central location in the Rochor area, the development is close to three MRT stations, namely Bencoolen, Bras Basah, and Bugis Interchange.
The five-storey building has two retail units on the ground floor and 31 office units on the upper floors.
The tender for the collective sale of GSM Building closes on Sept 13.
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