Keppel Land China sells stake in China development for S$292 million

SINGAPORE - Keppel Land China is selling its entire stake in residential project Waterfront Residences in Nantong, China, said the firm on Thursday (Aug 16).

The developer entered an agreement to sell its 100 per cent interest in Keppel Lakefront (Nantong) Property Development for 1.43 billion yuan (about S$292 million) to Nantong Wanjun Commercial Information Consultancy.

Keppel Land China will get a net divestment gain - inclusive of exchange rate gain - of about 368.5 million yuan (about S$75 million) when the sale is completed by the end of September.

Keppel Lakefront owns Waterfront Residences, which is in the economic and technological development area of Nantong, China. The project site has a total land area of 167,051 sq m.

The first phase of constructing 111 landed homes and 10 street-side commercial units was completed in 2015. As at end of July, more than half of the 111 units had been sold and handed over to home buyers, said Keppel Land China.

Keppel Land China president Ben Lee 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."

Keppel Land China is a wholly owned subsidiary of Keppel Land, the property arm of Keppel Group.