CapitaLand sells developer of The Nassim project for S$412m

CAPITALAND on Monday said its wholly-owned subsidiary, CRL Realty, has sold its 100 per cent stake in Nassim Hill Realty (NHR) to an unrelated third party, Kheng Leong Company, for S$411.6 million.

NHR is a property development company which developed the freehold low-rise luxurious condominium known as The Nassim. It presently owns 45 units in The Nassim.

The consideration is subject to a post-completion adjustment. The price tag comprises the estimated net tangible assets value of S$138.7 million as at Jan 16, 2017. It also takes into account the agreed property value of the 45 units in The Nassim of S$407.2 million and an assignment of a shareholder's loan of S$272.9 million.

The consideration was paid entirely in cash.

CapitaLand said that based on its unaudited consolidated financial statements for the nine months ended Sept 30, 2016, assuming that the sale was effected on Jan 1, 2016, CapitaLand's earnings per share would have increased from 17.9 Singapore cents to 21.7 Singapore cents.

But assuming the sale was effected on Sept 30, 2016, the financial impact on CapitaLand's net tangible asset per share would not be material.

Shares of CapitaLand ended two cents lower at S$3.15.