GSH sells office units in Cecil Street for $38.8 mil

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.

See also: Frasers Property in real estate JV with Morgan Stanley

Shares in GSH closed flat at 17.5 cents on July 12.