Keppel Land China has divested its entire 100% interest in Keppel Lakefront (Nantong) Property Development Co Ltd (KLNPD) to Nantong Wanjun Commercial Information Consultancy, a subsidiary of China Vanke, for a total consideration of RMB 1,430 million (approximately $292 million).
The transaction yielded a net divestment gain (inclusive of exchange rate gain) of about RMB 368.5 million (approximately $75 million) for Keppel Land China.
KLNPD owns and develops Waterfront Residences, a residential project in Nantong Economic and Technological Development Area, Nantong, China. The project site has a total land area of 167,051 sm. Construction for Phase 1, comprising 111 landed homes and 10 street-side commercial units, was completed in 2015.
Mr Ben Lee, President, Keppel Land China, said, “China is one of our core markets where we have a pipeline of more than 30,000 homes. The divestment is in line with Keppel Land’s strategy to continually recycle assets to seek higher returns and rebalance our portfolio to focus on selected high-growth cities where we have an established track record and strong teams. ”