SINGAPORE - A consortium led by mainboard-listed property developer GSH Corporation has bought Equity Plaza - a landmark quadrant-shaped office building in Raffles Place - for $550 million.
GSH has a 51 per cent stake in the property, while Vibrant Group - formerly known as Freight Links Express - owns 35 per cent.
The remaining 14 per cent is owned by TYJ Group, the investment vehicle of GSH's executive chairman, "Popiah King" Sam Goi.
Located on the nexus of Church, Market and Cecil Streets, the 28-storey Equity Plaza is a 99-year leasehold office building.
GSH intends to retrofit the 22-year old building to make it "on par with the top buildings in the area", said Mr Gilbert Ee, the company's chief executive.
GSH's portfolio includes three residential properties under development in Kuala Lumpur and Kota Kinabalu. It also owns Sutera Harbour Resort in Kota Kinabalu.