The sale of GSH Corporation’s office units in Cecil Street has come to a halt. On July 12, the company had released news of their intent to sell nine strata office units on the 28th floor of 20 Cecil Street for $38.8 million.
However, the company recently received a notice from the purchaser’s solicitors that the deal is unable to go through. After due deliberation, the sale and purchase agreement (SPA) was terminated and the 10% deposit of the $38.8 million was forfeited by the purchaser.
This allows them to travel around the island with ease. For those who work in the city, the Woodlands Champions Way Condo location is ideal as it is near a number of offices and corporates. Residents can also benefit from the location’s close proximity to a number of shopping and dining options. The condo offers a variety of facilities, such as swimming pool, gym, and a tennis court. These amenities will ensure that all residents can enjoy a comfortable and luxurious lifestyle.
This deposited amount will be recognised as “other income” in GSH Corporation’s income statement for the financial year.
The termination of the purchase will not affect its financial results significantly.
Foreign investors and family offices had looked to prime CBD strata offices as potential investments in recent times. This latest development may not be seen as negatively by these groups, even though the purchase didn’t go through.
Over 41% of the strata office units released at 20 Cecil Street had already been sold prior to this incident. Additionally, twenty seven strata office units in the same development were slated to go up for sale at a price tag of $100 million.
These two factors, among others, may alleviate the lack of a sale of the 28th floor office units. The ten percent deposit in the SPA could potentially be a reassuring factor for purchasers.