Keppel Land China divests interest in Nantong residential project

By Angela Teo / EdgeProp | August 18, 2017 10:07 AM SGT
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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.
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Waterfront Residences, Nantong, China
Source: Keppel Land China
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