Keppel Land China divests stakes in Chengdu township project for $30.8 mil

SINGAPORE (Oct 17): Keppel Land has through its two associated companies, CityOne Township Development and Quivivet, and their JV partner, entered into an agreement to divest their stakes in Chengdu Century Development Co. (CCDC) to Sichuan Zhong Tie Wen Rui Property Co. for RMB342.08 million ($69.81 million).

Keppel Land, subsidiary of Keppel Corp, a has an effective interest of 44.05% in CCDC and its effective share is $30.75 million.

CCDC was formed as a JVCo. in 2003 to develop The Botanica township project in Chengdu. Located at the junction of Third Ring Road and Cheng Long Road in Jinjiang District, The Botanica comprises 9,664 apartments and supporting amenities including a primary school and kindergartens. As of August, all residential units have been sold and handed over to homebuyers. The remaining inventories comprise 955 unsold carpark lots and 10 shophouses from earlier phases.

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