GSM Building enbloc to LHN Unit Coliwoo for $80m

About GSM Building Collective Sales

LHN has purchased GSM Building for $80 million. As part of its development into the region, the company plans to transform a portion of the commercial building to serviced apartments.

The collective sales of GSM was announced in January with a suggested selling price of $85 million. A previous effort at a collective sale of the land was made in 2020, and the first asking price of $98 million was set in August 2022.

There are a total of 33 apartments on the property, 13 of which are owner-occupied and 20 of which are leased out.

 

GSM Building Location

Land size for 141 Middle Road is 1,115.1 square meters, and the 99-year lease on the property begins on May 2, 1978.

Middle Road and Waterloo Street serve as dual entrances to the GSM Building .

 

Potential of the Site

LHN announced its plans to turn floors 3-6 into serviced apartments in a report to the stock market on February 10.

LHN must keep commercial usage on the first and second floors.

LHN will seek approval from the Urban Renewal Authority to implement this modification.

LHN says that by purchasing GSM, “the group will expand its portfolio under its space optimisation business in Singapore, increasing the brand value of Coliwoo, providing potential capital appreciation and revenue to the group.”