Singapore: Real estate company LHN Group has bought the GSM Building for $80 million to expand its serviced residences offering.
It has bought the building for its Coliwoo brand in a collective sale for $80 million. The company plans to convert some of the space in this commercial building into serviced apartments as part of its broader expansion into this market. The building is located at 141 Middle Road in Singapore.
The property, marketed by Mount Everest Properties, was relaunched for collective sale in January 2023, with a guide price of $85 million. The property was first put up for collective sale in August 2022, with an earlier attempt back in 2020 at an asking price of $98 million.
The land area of the asset is 1,115.1 square metres with a tenure of 99 years commencing from 2 May in 1978. The property consists of 33 units, of which 13 are self-occupied, 20 are rented out and some common property. In a filing to the stock exchange on Feb 10, LHN says it intends to convert levels 3 to 6 of the building into serviced apartments.
In a bourse filing, the LHN Group said the acquisition will expand its portfolio of residential and commercial properties in Singapore, increase the value of Coliwoo, and provide it with potential capital appreciation and additional opportunities to generate revenue.
