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Gsh Plaza Singapore

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By Author: Bob Smith
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Equity Plaza - formerly referred to as The Exchange and The Quadrant - is on a website with a balance lease term of approximately 74 years. The building is about 97 per cent tenanted. The $550 million transaction price is said to reflect around 3 per cent net yield on the basis of the current rental income of the property being generated by existing leases.
CBRE brokered the sale.
Equity Plaza will be sold by DL Properties, that is 64.63 per cent owned by KepLand, with the rest of the 35.37 per cent held by Alpha Core-Plus Real Estate Fund, managed by Alpha Investment Partners.
KepLand said it expects to book a divestment gain of $59.5 million from the transaction, which can be likely to be completed by the next quarter. The scheduled completion date is Aug 20.
Completed 22 years ago, Equity Plaza is a 28-storey prime office building that's untapped gross floor area (GFA) of about 14,962 sq ft, which may be developed without incurring any differential premium payable to the state, BT understands.
GSH chief executive Gilbert Ee said the group intends to retrofit Equity Plaza to be "on par with the very best buildings in your community and believes that the subsequent investment to upgrade the facade and overall quality of the building will position the group to realise substantial value from the acquisition in the long run ".
Vibrant's CEO and executive director Eric Khua said Equity Plaza gets the "inherent quality of an excellent location and could be held as an investment for rental and capital appreciation ".
Analysts say the extra GFA could potentially be built atop the existing building, though a less strenuous option is always to build it in the voluminous lobby area where the brand new space could be employed for food and beverage outlets. BT understands that the authorities have granted outline planning permission for strata-subdivision in the building. This opens the chance for the new owners to proceed with strata subdivision into smaller units for sale, note industry observers.
A name change for Equity Plaza may be on the cards.
GSH - which represents Global Strategic Holdings - was a struggling consumer goods distributor that took on new life as a property developer after Mr Goi boosted his stake in the business and took a more active role a couple of years ago. The business, formerly referred to as JEL Corp, has its headquarters at GSH Centre along Changi North Way. GSH Plaza is opposite Prudential Tower, where Keppel Land's sponsored real-estate investment trust Keppel Reit last month inked a deal to market its 92.8 per cent stake for $512 million, or around $2,316 psf on net lettable area, to a group comprising KOP Limited, Lian Beng Group, KSH Holdings and Centurion Global.
GSH Plaza

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