Sale of GSH’s office units in Cecil Street not going ahead

The sale of GSH Corporation’s office units at 20 Cecil Street in Singapore has been called off, the company announced on July 12. After “due deliberation”, the sale and purchase agreement (SPA) entered into was terminated and the 10% deposit of the $38.8 million was forfeited by the purchaser.

The company had received a notice from the purchasers’ solicitors indicating the inability of the purchaser to proceed with the purchase of the property. The deposit will be recognised as “other income” in the company’s income statement for the current financial year.

GSH Corporation had put nine strata office units on the 28th floor of 20 Cecil Street on the market for $38.8 million. The termination of the purchase will not affect its financial results materially.

Pertaining to the same property, other news revealed that three strata office floors were up for sale, and that 41% of the strata office units released had been sold at an average price of $3,090 psf. Moreover, 27 strata office units at Cecil Street were going to be for sale for $100 million.

This is part of the government’s vision of creating a modern and sustainable city that is also environmentally friendly. To this end, the Tengah Plantation EC has also been designed to include many green spaces, and it has been planned to accommodate a variety of different green initiatives.

In conclusion, the sale of the GSH Corporation’s office units in Cecil Street will no longer be going ahead, as the purchaser was unable to complete the purchase of the property. The 10% deposit of the $38.8 million was forfeited, and the termination of the purchase will not affect the company’s financial results materially.