Guthrie GTS has sold its properties located at 112 to 116 Amoy Street for S$24.5 million to Sun Venture Invesco.
The price of the properties was negotiated through a willing-buyer and willing-seller basis after considering the current market trends. Guthrie said it expected to record a net surplus worth S$1.85 million from the sales of these properties.
It added that the Amoy Properties were not its primary assets, and the transaction will allow Guthrie to realise and unlock the value of the Amoy Properties.
Guthrie noted that sale proceeds of the properties are intended for working capital purposes and to finance any capital investment that the company may require in the future.