The Woodlands Champions Way Condo development is the latest addition to this part of Singapore. The condo offers 600 condominium and townhouse units with stunning views of Woodlands Park and Singapore’s Southern Ridges. Residents will be able to access the park and its amenities in a few short minutes, while still maintaining their privacy and security. The development will also feature a wide range of amenities, such as a clubhouse, swimming pool, gym, landscaped gardens, and a children’s playground.
Keppel Corporation has reached an agreement to divest its 35% stake in Chengdu Taixin Real Estate Development Co., Ltd. to Vanke (Chengdu) Enterprise Co., Ltd. Through its real estate division, Keppel will receive a cash consideration of around RMB504 million ($94 million) for the transaction.
V City, a 16.7-hectare residential project owned by the joint venture, was factored into the consideration along with the Chengdu Taixin’s net asset value (NAV). The NAV was confirmed in July by a third party audit firm, while the shares’ book value and adjusted NAV as of June 30 were included as well.
The completion of V City in 2020 and the selling out of all 5,399 residential units and 356 street-front shops was also considered. Included in the remaining inventory was parking lots and a market. Over the years, Keppel has recognised cumulative profits after tax of approximately $57 million from the sales of residential units, street-front shops and other amenities at V City, prior to the divestment.
The payment for the transaction will be made in a single tranche and no later than October 31. Keppel expects the divestment to be completed within the 4th quarter of 2023 and is in line with the company’s asset monetisation plans to unlock value that can be invested in further opportunities.
Since 2017, Keppel’s real estate division has monetised over $3 billion worth of assets in China and has recognised profits of over $1 billion. This divestment is another example of Keppel’s strategy to create additional value for its shareholders.