Sam Goi to launch GSH Plaza project by end-March
An artist's impression of 28-storey GSH Plaza. The Cecil Street building was formerly known as Equity Plaza. -- PHOTO: THE GSH CORPORATION
SINGAPORE billionaire Sam Goi will launch his firm's first property development by the end of the month.
The 28-storey office tower GSH Plaza in Cecil Street is in the midst of a soft launch but about 100 of its 259 units will go on sale within three weeks, said Mr Goi's GSH Corporation yesterday.
The building was formerly known as Equity Plaza but renamed when GSH Properties, boutique developer DB2 Group and logistics firm Vibrant Group bought it from Keppel Land and Alpha Investment Partners last year.
They paid $550 million, or $2,181 per sq ft (psf), based on the property's net lettable area of about 296,000 sq ft.
"We have renamed it GSH Plaza because we plan to move GSH's corporate headquarters from our current location at 11 Changi North Way to GSH Plaza," said Mr Goi, who is also known as the Popiah King.
The strata-titled units will cost from $2,850 to $3,500 psf depending on the size and floor. There are still no plans to sell the 21 retail units on the first two levels of the building, said GSH Properties, which is a wholly owned unit of GSH Corporation.
About 22 per cent of the 259 office units span 480 to 800 sq ft, with the rest up to 1,700 sq ft.
GSH Corporation chief executive Gilbert Ee said buyers would be able to secure rental yields of about 4 per cent, given the limited stock of strata office space within the Central Business District and the building's location.
Existing tenants will vacate the building this month, while a refurbishment is in the works. A double-volume lobby and dedicated entrances for selected units are expected.
GSH Plaza sits on a site with a lease of 73 years. The owners are not expected to seek approval to rewind the lease.
GSH Plaza sits on a site with a lease of 73 years. The owners are not expected to seek approval to rewind the lease.
The Straits Times / Money Published on 10 March, 2015
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