Keppel Land sells stake in Chengdu township project

SINGAPORE - Keppel Land's associates CityOne Township Development and Quivivet, and their joint venture partner, are selling their stakes in Chengdu Century Development (CCDC) for 342.08 million yuan.

CCDC was formed as a joint venture company in 2003 to develop The Botanica township project in Chengdu.

Keppel Land has an effective interest of 44.05 per cent in CCDC and its effective share of the sale is about 150.69 million yuan (S$30.75 million).

The Botanica comprises 9,664 apartments and supporting amenities including a primary school and kindergartens. All residential units have been sold and handed over to buyers.

The remaining inventories comprise 955 unsold carpark lots and 10 shophouses from earlier phases.

Following this divestment, Keppel Land will have four projects in Chengdu.