Advertisement
Singapore markets open in 4 hours 45 minutes

  • Straits Times Index

    3,272.72
    +47.55 (+1.47%)
     

  • S&P 500

    5,070.55
    +59.95 (+1.20%)
     

  • Dow

    38,503.69
    +263.71 (+0.69%)
     

  • Nasdaq

    15,696.64
    +245.33 (+1.59%)
     

  • Bitcoin USD

    66,308.22
    -368.28 (-0.55%)
     

  • CMC Crypto 200

    1,430.14
    +15.38 (+1.09%)
     

  • FTSE 100

    8,044.81
    +20.94 (+0.26%)
     

  • Gold

    2,336.80
    -9.60 (-0.41%)
     

  • Crude Oil

    83.32
    +1.42 (+1.73%)
     

  • 10-Yr Bond

    4.5980
    -0.0250 (-0.54%)
     

  • Nikkei

    37,552.16
    +113.55 (+0.30%)
     

  • Hang Seng

    16,828.93
    +317.24 (+1.92%)
     

  • FTSE Bursa Malaysia

    1,561.64
    +2.05 (+0.13%)
     

  • Jakarta Composite Index

    7,110.81
    -7,073.82 (-49.87%)
     

  • PSE Index

    6,506.80
    +62.72 (+0.97%)
     

Keppel Land China in JV to acquire, develop Nanjing mixed-use site

charlene.chin@edgeprop.sg

Keppel Corp’s China property arm is jointly developing 3.8ha of land in Nanjing, China, into a commercial and residential mixed-use property.

The site has a gross floor area of 99,248 sq m and can yield about 211 residential units, 342 commercial units and 79 shop units, said Keppel on Wednesday. Phase 1 is expected to be launched in 2Q20 and the entire project is slated for completion by 2024.

On Wednesday, Keppel Land China unit Shanghai Ming Bu Industrial Co (SMBI) entered a share purchase agreement with Yincheng International Holding Co to acquire a 25% stake in the JV company Nanjing Zhijun Property Development Co for 250 million yuan.

The remaining 75% stake in the JV company will be held by Yincheng and co-investor Jiangsu Aidi Property Development Co.

ADVERTISEMENT

The development cost will be in excess of five billion yuan ($990 million), said Keppel.

After completing the 25% stake acquisition, SMBI will advance a shareholders' loan of 464 million yuan to Nanjing Zhijun for the acquisition and development of the site. The site is expected to be acquired by Nanjing Zhijun by end-December 2019.

Keppel said the deal is not expected to have a material impact on its net tangible assets per share or earnings per share for the current financial year.

Shares in Keppel closed two cents lower at $5.92 on Wednesday before the announcement.

Read more on The Edge Singapore

Read also:

See Also: