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Wednesday, 24 July 2013

Keppel Land to dispose stake in Jakarta Garden City for S$290.5m

Interest rates for US home mortgages dropped last week for the first time in two-and-a-half months in the wake of soothing comments from Federal Reserve Chairman Ben Bernanke, but demand for home loans still fell - PHOTO: KEPPEL LAND

KEPPEL Land on Wednesday said that it plans to transfer its 51 per cent interest in integrated township Jakarta Garden City to its partner PT Modernland Realty for S$290.5 million.

Wholly-owned subsidiaries Le-Vision and Castlehigh will dispose of their 51 per cent stake in PT Mitra Sindo Sukses and PT Mitra Sindo Makmur, which were formed in the joint venture for the Indonesian development in 2004.

Of the 1,287 homes and shophouses launched in the project, 93 per cent has been sold.
Keppel expects a net proceed of S$275 million from the sale, for a profit after tax of S$186 million.

CW8888: Keppel Land is 54.60% owned by Keppel Corporation.

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