The property comprises 33 units.
COLIWOO, LHN Group‘s optimisation business, has acquired the GSM building at 141 Middle Road for $80m.
The purchase consideration is exclusive of $100,000 GST which COLIWOO had already paid through internal sources of funding.
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 them with potential capital appreciation and additional opportunities to generate revenue.
The GSM building has a total land area of 1,115.1 sq.m. with a tenure of 99 years commencing from 2 May 1978.
The property comprises 33 units, of which 13 are self-occupied and 20 are rented out.
LHN plans to convert levels three to six of the GSM building into a serviced apartment and will continue the commercial usage for levels one and two.