Keppel Land China sells stakes in Keppel Lakefront Nantong Property Development

The stakes were sold to Nantong Wanjun Commercial Information Consultancy for $292m.

Keppel Land's subsidiary Keppel Land China sold its 100% interest in Keppel Lakefront Nantong Property Development Co Ltd (KLNPD) for a consideration of $292m.

The transaction was made through Keppel Land China's subsidiary Merryfield Investment Pte Ltd to Nantong Wanjun Commercial Information Consultancy Co., Ltd.

According to Keppel, Keppel Land China will gain about $75m upon expected completion in September 2017.

KLNPD owns Waterfront Residences in Nantong, China. The site has a total land area of 167,051 sqm. Construction of 111 landed homes and 10 commercial units was completed in 2015.

As of July, more than half of the homes have been sold to homebuyers.

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."