A CONSORTIUM led by Sam Goi’s GSH Corporation has entered into a binding term sheet with Hong Kong-listed Fullshare Holdings for the proposed sale of the consortium’s investment vehicle, Plaza Ventures, at S$725.2 million.
Plaza Ventures is the vehicle the consortium used for the purchase of the former Equity Plaza in 2014. The consortium then renamed the building GSH Plaza and embarked on a major spruce-up.
“The proposed sale’s consideration is based on, inter alia, the net asset value of Plaza Ventures based on its unaudited management accounts as at Nov 30, 2016, and adjusted on the basis that the available office units are valued at S$2,900 per square foot,” GSH Corporation said in a release issued on Monday evening.
GSH Corporation has 51 per cent interest in Plaza Ventures. The other shareholders are: Vibrant DB2 (a joint venture between listed Vibrant Group and niche property developer DB2 Properties), which has a 35 per cent stake, and Mr Goi’s private investment vehicle, TYJ Group, holding the balance 14 per cent.
Buyer Fulllshare Holdings is a developer of residential and commercial properties, hotels, and resorts, as well as a provider of healthcare products and services.