Sale of Equity Plaza may be in the works

NEGOTIATIONS are under way for a potential sale of Equity Plaza, a landmark quadrant-shaped office block beside Republic Plaza in the Raffles Place financial district.

Talk in the market is that listed GSH Corporation and its chairman and key shareholder, Sam Goi Seng Hui, are teaming up with a view to acquire the 28-storey office tower. They may be entering an exclusive due diligence period on the asset, BT understands.

The price is thought to be around $550-560 million, which would work out to $2,177-$2,217 per square foot based on the building's net lettable area of about 252,600 sq ft.