The sale of GSH Corporation’s BDX office units in Cecil Street will not be going ahead.
The company had received a notice from the purchaser’s solicitors that the purchaser was unable to complete the purchase of the property.
GSH Corporation, on July 12, announced that it would be selling its nine strata office units on the 28th floor of 20 Cecil Street for $38.8 million.
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 deposit will be recognised as “other income” in the company’s income statement for the current financial year. The termination of the purchase will not affect its financial results materially.
Shares in GSH Corporation closed 0.2 cents higher or 1.19% up at 17 cents on Sept 5.
