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Thursday, 8 December 2011

CapitaLand's unit rids high-tech industrial site/building for S$99m


CapitaLand Limited on Thursday announced that its unit, Corporation Place Limited, has divested a 30,787 sq metre plot of land and 7-storey high-tech industrial building at 2 Corporation Road, Singapore 618494 for S$99 million.

The book value of the property as at Nov 30, 2011 was S$79.2 million. CapitaLand is expected to recognise a gain of about S$14.5 million.

The divestment will help CapitaLand unlock the value of non-core assets and recycle capital.

The divestment is not expected to have any material impact on the net tangible assets or earnings per share of the company for the financial year ending Dec 31, 2011.

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