On July 12, 2023, the Company entered into a Sale and Purchase Agreement (SPA) for the sale of its property situated at No. 20 Cecil Street, units #28-01 through #28-09, PLUS Singapore 049705 (referred to as the "Property"). The terms and conditions of this transaction, known as the "Proposed Disposal," were outlined in the SPA.

Situated in the heart of Cecil Street within Raffles Place, the Property encompasses nine strata units of office space, with a generous gross floor area of approximately 901 square meters.

The agreed-upon Consideration for the Property's disposal amounted to S$38,800,000, with the Purchaser initially remitting a deposit of $3,880,000 to the Vendor upon the SPA's signing. The remaining balance of $34,920,000 was scheduled to be transferred from the Purchaser to the Vendor upon the completion of the Proposed Disposal. This valuation was established through a fair and impartial assessment conducted on an arms-length and willing-buyer willing-seller basis.

On July 7, 2023, an independent professional valuer, RHT Valuation Pte. Ltd., appraised the Property's value at S$37,000,000.

It's important to note that the Purchaser, unrelated to the Company or the Group, held no direct or indirect shareholding interest in either entity. Furthermore, the Purchaser had no familial or business connections with any of the Company's Directors, substantial shareholders, or their associates. Reciprocally, none of the Company's Directors or substantial shareholders, along with their respective associates, had any ties to the Purchaser.

However, a significant development arose today as the Company's solicitors received notice from the Purchaser's legal representatives, communicating the Purchaser's inability to fulfill the Property purchase.

After careful consideration, the Company has elected to terminate the SPA. In accordance with this decision, the Company will retain the 10% deposit amounting to S$3,880,000 already submitted by the Purchaser. This deposit forfeiture serves as comprehensive compensation and marks the full and definitive resolution of the SPA termination.

Consequently, GSH Corporation will recognize the S$3,880,000 deposit as other income in its financial statements for the current fiscal year.