Keppel Land China announced on Aug 16 that its wholly-owned unit, Merryfield Investment, has entered into an agreement to sell its 100% interest in Keppel Lakefront (Nantong) Property Development to a subsidiary of China Vanke for RMB 1,430 million ($292 million).

Keppel Lakefront (Nantong) Property Development owns and develops Waterfront Residences in Nantong, China (below). As at end-July, more than 50% of the 111 units completed in Phase 1 of Waterfront Residences have been sold and handed over to homebuyers. The project’s land area measures about 1.8 million sq ft.

Upon the transaction’s expected completion in end-September, KeppelLand China is expected to yield a net divestment gain of RMB 368.5 million, inclusive of exchange rate gain.

Source: Keppel Land China