>

>

LHN sells 20% of GSM Building to Oxley's Ching

By The Edge Singapore

/ EdgeProp Singapore |

April 22, 2024 9:39 PM SGT

GSM Building was sold en bloc to LHN last year for $80 million (Photo: Mount Everest Properties)

Coliwoo (TK), a subsidiary of LHN, is in the process of acquiring GSM Building on Middle Road, through public tender. The acquisition is expected to be completed on May 9. On April 22, LHN entered into a sale and purchase agreement with Macritchie Developments. Under this agreement, Coliwoo Holdings will sell 20% of GSM Building to Macritchie Developments. Upon completion of the disposal, GSM Building will be 80% owned by LHN and 20% by Macritchie Developments.

In February 2023, LHN acquired GSM Building in an en-bloc sale for $80 million with the intention of converting some of the space in the commercial building into serviced apartments. Earlier this year, following the grant of an order for sale, LHN had said it plans to complete its acquisition of the asset on May 9. As of Feb 9, LHN had already paid a deposit of $4 million. Within seven days from the Order for Sale grant, LHN must pay a further $4 million and the remaining 90% of the consideration upon the completion date.

Macritchie Developments is 90% owned by Ching Chiat Kwong, executive chairman and CEO of Singapore-listed Oxley Holdings and 10% by his son, Shawn Ching.

Read also: LHN posts 23.4% drop in 1HFY2024 earnings to $13.0 mil despite revenue growth

Shares in LHN closed unchanged at 32 cents on April 22.

Tags:

LHN GSM Building Coliwoo Middle Road

Follow Us

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

ANALYSIS: HDB towns with the highest number of million-dollar deals

2

Is it a Good Deal?: A freehold three-bedder in Bukit Timah sold for $2,144 psf, netting over $2 million profit

3

Perennial Holdings and Far East Organization unveil Golden Mile Singapore, and will launch the strata commercial units this month

4

Government ramps up private housing supply; offers three EC sites on Confirmed List

5

Three-bedroom Gambier Court unit for sale at $2.64 mil

Our Site

Follow Us

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

View More

Close Ad

00:00