GSH Corporation has agreed to sell its nine strata office units on the 28th floor of 20 Cecil Street for a consideration of $38.8 million.
The sale and purchase agreement (SPA) was signed with an unnamed purchaser, which is an unrelated party, on July 12.
The nine units have a combined gross floor area (GFA) of approximately 901 sqm (9,698.28 sq ft). Based on independent valuer, RHT Valuation’s report dated July 7, the property has a valuation of $37 million.
The proposed disposal is slated to be completed after two months from the SPA.
According to GSH, the net proceeds from the disposal will be used to repay the existing financing taken against the property and for working capital purposes.
Based on its accounts for the FY2022 ended Dec 31, 2022, the property’s book value stood at $27.1 million, to which GSH will net a profit of $11.7 million.
Shares in GSH closed flat at 17.5 cents on July 12.
