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Keppel Land China divests stake in Waterfront Residences in Nantong

KEPPEL Land China's wholly-owned subsidiary, Merryfield Investment, has entered into an agreement to divest its entire 100 per cent stake in Keppel Lakefront (Nantong) Property Development Co (KLNPD) to Nantong Wanjun Commercial Information Consultancy Co for 1.43 billion yuan (S$292 million).

Keppel Land China will reap a net divestment gain of around 368.5 million yuan from the deal. The divestment is expected to be completed by end September.

KLNPD owns and develops Waterfront Residences, a residential project in Nantong Economic and Technological Development Area, Nantong, China.

Construction for Phase 1, comprising 111 landed homes and 10 street-side commercial units, was completed in 2015. As at end July, over half of the 111 units have been sold and handed over to home buyers.