LHN sells 20% of GSM Building to Oxley's Ching

GSM Building was sold en bloc to LHN last year for $80 million (Photo: Mount Everest Properties)

Coliwoo (TK), a subsidiary of LHN, is in the process of acquiring GSM Building on Middle Road, through public tender. The acquisition is expected to be completed on May 9. On April 22, LHN entered into a sale and purchase agreement with Macritchie Developments. Under this agreement, Coliwoo Holdings will sell 20% of GSM Building to Macritchie Developments. Upon completion of the disposal, GSM Building will be 80% owned by LHN and 20% by Macritchie Developments.

In February 2023, LHN acquired GSM Building in an en-bloc sale for $80 million with the intention of converting some of the space in the commercial building into serviced apartments. Earlier this year, following the grant of an order for sale, LHN had said it plans to complete its acquisition of the asset on May 9.  As of Feb 9, LHN had already paid a deposit of $4 million. Within seven days from the Order for Sale grant, LHN must pay a further $4 million and the remaining 90% of the consideration upon the completion date.

Macritchie Developments is 90% owned by Ching Chiat Kwong, executive chairman and CEO of Singapore-listed Oxley Holdings and 10% by his son, Shawn Ching.

Read also: LHN announces JV with Oxley's Ching to acquire Wilmer Place for $26.5 mil

Shares in LHN closed unchanged at 32 cents on April 22.

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