Pan-United sells 24th storey of The Octagon

Pan-United sells 24th storey of The Octagon

 

PAN-UNITED Corporation said David Shih Min Jen yesterday exercised the option to buy the 24th storey of The Octagon and has paid the company $990,240.00, which is 10 per cent of the sale price, as deposit.

 

The sale of the premises is scheduled for completion on Aug 21. Pan-United said earlier that the Cecil Street premises was acquired in 1993 for investment purpose.

 

‘As the sale will result in a gain of approximately $3.1 million over the book value, the board is of the view that the disposal is in the best interest of the company,’ it said.

 

Source: Business Times

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