GSH Corporation’s office buildings situated in Cecil Street will not be taking place.
The company received a letter from the solicitors of the buyer that the buyer was not able to conclude their purchase property.
GSH Corporation, on July 12th, announced that it will be selling nine office buildings in strata on the 20th and 28th floors of Cecil Street for $38.8 million.
Following “due discussion” after “due deliberation,” the agreement to purchase and sell (SPA) concluded was terminated. The 10-percent% deposit of $38.8 million was refunded by the buyer.
The purchase will be recorded in the form of “other revenue” in the income statement of the company for the current fiscal year. The expiration of the purchase will not impact the company’s financial performance in any way.