Property firm Keppel Land's subsidiary in China and its partners have agreed to divest their stakes in Cityone Development (Wuxi) to Tianhonglixin Real Estate for 1.245 billion yuan (S$259 million).
The developer said Keppel Land China has an effective stake of 49.7 per cent in Cityone Development, working out to 619 million yuan.
"The transaction will yield for Keppel Land China a net divestment gain of about 190 million yuan upon completion," the firm said in a stock exchange filing yesterday.
Cityone Development (Wuxi) was formed as a joint venture company in 2005 to develop Central Park City, a township project in Wuxi.
"The divestment of interest... is in line with Keppel Land's strategy to actively recycle capital to seek higher returns," noted Keppel Land China president Ben Lee. The deal is expected to be completed by the end of the first quarter of next year, the firm added.
A unit of KLW Holdings is selling a freehold property at 301 Flinders Lane in Melbourne to Mill Place Investments for A$34.2 million (S$35.6 million).
That was the highest of 13 bids received in an expression of interest exercise, said KLW Holdings, an investment holding firm whose subsidiaries manufacture and distribute wooden doors.
The property - with a land area of 895 sq m and building areas of 5,690 sq m - has been generating rental income from a long-term lease to Victoria University.
"The disposal will enable the group to realise the value of the property and improve the cash flow position of the company," the firm said in a statement. The property had a net book value of A$25.6 million as at March 31 this year. It added that the group will realise a gain of about A$5.63 million from the sale, after deducting expenses and taxes.
The interim judicial managers of Swissco Holdings said the firm's step-down subsidiary, Liftboat 1 International, has received notice of the appointment of receivers over its vessel Jinshan 1.
Mr Andrew Grimmett and Mr Lim Loo Khoon were appointed as joint and several receivers over the vessel effective from last Thursday, in a notice issued by solicitors for DBS Bank as the lender and mortgagee of the vessel.