SINGAPORE (Feb 6): A consortium led by GSH Corporation is divesting its jointly-owned GSH Plaza to Hong Kong-listed developer Fullshare Holdings for $725.2 million.

GSH Plaza is held through Plaza Ventures, an investment vehicle that is 51% owned by GSH’s wholly owned subsidiary GSH Properties, 14% owned by GSH’s chairman Sam Goi’s investment vehicle TYJ Group, and 35% owned by Vibrant DB2, an investment vehicle of Vibrant Group and DB2 Group.

According to the binding term sheet between Fullshare and the GSH-led consortium, the sale is subject to GSH Plaza obtaining its temporary occupancy permit in 1Q17, and a formal valuation of the available office units indicating that they are worth at least $2,900 psf. If the conditions are met, the parties plan to enter into a sale and purchase agreement by March 3.

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