Relaunched for sale at $85 million: the GSM Building

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Kassia ebrochure

GSM Building, which is a commercial structure located situated at the 141 Middle Road, is being renewed for sale in a collective manner at an unaffected estimated price of $85 million.

This 99 year leasehold property was initially listed for auction on August 20, 2022 with the same price guide. The tender was then closed on 13 September 2022. Based on Mount Everest Properties, the agency that markets the property an offer of $85 million was made to purchase the site was later withdrawn prior to an agreement for sale and purchase was executed.

Kassia ebrochure will feature 280 residential units on a 150,840 sq ft plot in various configurations.

Before this, the owners of GSM Building had attempted an open-ended deal to sell the property in June of 2020. The property was put up for sale , with an estimated price of $98 million.

GSM Building is located at the intersection of Middle Road and Waterloo Street. It houses 2 retail spaces on the the ground floor, and thirty-one office spaces on upper levels. The building is situated on a 12,003 square feet site which is classified as commercial property. The site has an agreement for a balance lease that is approximately 59 years.

Based on Mount Everest Properties, the site has received an advisory from URA that has endorsed a pro forma permission application to permit the initial revitalisation of the site to a mixed-use commercial or residential project.

GSM Building is located within close proximity to three MRT stations, including Bencoolen Station (Downtown Line), Bras Basah Station (Circle Line) and Bugis Station Interchange (East-West Line and Downtown Line), all within a five-minute walking distance.

It is within easy access to shopping, lifestyle and health facilities, which are Bugis Junction, Bugis+, Bugis Village, Sim Lim Square, Raffles Hospital along with the Singapore Art Museum. Nearby co-living and hospitality services comprise Mercure Hotel InterContinental Hotel and JW Marriott Hotel.

The tender process to tender for GSM Building closes on Jan 27 at 12 noon.

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