Subscribers

CapitaLand offloads The Nassim

S$411.6m sale of the development company and 45 unsold units to private firm Kheng Leong was to avoid paying extension charges, it says

Singapore

CAPITALAND on Monday said it has sold its 100 per cent stake in Nassim Hill Realty (NHR) to an unrelated private company, Kheng Leong, for S$411.6 million.

Included in the sale are also 45 unsold units in The Nassim, a luxury freehold boutique condominium project in Nassim Hill which has sold only 10 units since 2015.

CapitaLand said it is doing this to avoid paying extension charges which would kick in from August 2017.

NHR, which developed The Nassim, is subject to the qualifying certificate...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes