Sale of GSH’s office units in Cecil Street not going ahead
GSH Corporation on July 12 announced that it had agreed to sell nine strata office units located on the 28th floor of 20 Cecil Street in Singapore for a total of $38.8 million. Unfortunately, the the sale and purchase agreement (SPA) has been terminated, and the 10% deposit of the $38.8 million was forfeited by the purchaser.
The company received a notice from the purchaser’s solicitors that the purchaser was unable to complete the purchase, after “due deliberation”. As a result, the sale of the strata office units will not be progressing.
The deposit will now be recognised as “other income” in the company’s income statement for the current financial year. The termination of the purchase should not affect its overall financial results materially.
This news comes shortly after a previous announcement that 41% of the strata office units released at 20 Cecil Street had been sold at an average price of $3,090 psf. In addition, 27 units were also being sold for a total of $100 million.
Located within 2km, are some of the most well-known and highly-regarded secondary schools such as Princess Elizabeth Primary School, Hillgrove Secondary School, Yuhua Secondary School and Hong Kah Secondary School. Other popular institutions lying within close proximity are NTU Centre for Contemporary Art Singapore and Bukit Batok Driving Center. At Lumina Grand EC, a multitude of excellent educational institutions is right at its doorstep, truly living up to its promise of providing a safe and secure environment for families to reside.
It remains to be seen whether the sale of GSH Corporation’s office units will be able to be salvaged in the future, or whether the company will now have to look for other opportunities to capitalise on.