The GSM Building, a 99-year leasehold commercial property, is being relisted for collective sale at the same $85 million reserve price.
The prime site at 141 Middle Road was originally offered for collective sale in August 2022 with the same price range as a starting point.
The bid was concluded on September 13, 2022. According to Mount Everest Properties, the hired marketing agency, an $85 million offer for the property was later withdrawn prior to the signing of a purchase agreement.
In their previous attempt, the owners of GSM Building sought to sell the property en bloc in June 2020. It was offered for sale with a reserve price of $98 million at the time.
The GSM Building may be found near the intersection of Waterloo Street and Middle Road. There are two retail spaces on the ground level and 31 office spaces on the higher levels.
The development is situated on a land area of 12,003 sq ft, designated for commercial use. The remaining lease period is about 59 years.
According to Mount Everest Properties, URA has issued a recommendation in favour of a provisional permission application for the site’s redevelopment into a mixed-use commercial and residential complex.
The en bloc site is situated within five minutes’ walking distance of three MRT stations: Bugis Station Interchange (East-West Line and Downtown Line), Bras Basah Station (Circle Line) and Bencoolen Station (Downtown Line),
It is in close proximity to retail, lifestyle, and medical facilities, such as Sim Lim Square, Bugis Village, Bugis Junction, Bugis+, Raffles Hospital, and the Singapore Art Museum.
The Mercure Hotel, the InterContinental Hotel, and the JW Marriott Hotel are nearby lodging and co-living options.
The bid submission deadline for GSM Building is January 27 at 12:00.