GSM Building at 141 Middle Road has been launched for sale by tender, after the minimum consent level required for the site to be launched for an en bloc sale was achieved, according to marketing agent Mount Everest Properties.
The upgrading premium is about S$18.6 million, on top of the asking price in the region of S$98 million, Mount Everest Properties said.
The building has a land area of about 12,003 square feet, with a balance lease term of about 61 years.
Under the Urban Redevelopment Authority’s Master Plan 2019, the site is zoned for commercial use, with a 4.2 plot ratio and a height restriction of up to 16 storeys, subject to planning approval, the marketing agent said.
The corner double-frontage building has three retail units on ground floor and 30 office units on the upper floors.
It is located close to Bencoolen station on the Downtown Line, Bras Basah station on the Circle Line, as well as Bugis station on the East-West Line and the Downtown Line.
The building is also near shopping, lifestyle and healthcare amenities including Bugis Junction, Raffles Hospital and the Singapore Art Museum.
Hospitality facilities in the vicinity include InterContinental hotel, while educational institutions nearby include Singapore Management University and Lasalle College of the Arts.
The tender exercise for GSM Building will close at 3pm on July 16.