Keppel Land China, through its subsidiary, Hillwest, has sold its 100 percent interest in Chengdu Hilltop Development Co. (CHD) for RMB1.26 billion ($190 million).
The divestment is in line with Keppel’s Vision 2030 and plans to monetize assets, which can be channeled toward new growth opportunities.
CHD was incorporated to acquire the land for the development of Hill Crest Villas in Chengdu, Sichuan Province, China. Situated in an established low-density residential enclave in Mumashan, southwest of Chengdu, Hill Crest Villas has completed Phase 1 of the development, which comprises 53 villas and a clubhouse.
Ben Lee, president of Keppel Land China, said, “Keppel Land China regularly reviews our portfolio of assets to seek higher returns. We remain committed to deepening our presence in China, a key market of Keppel Land, as well as Chengdu metropolis, which is one of our focus regions in China.”
The divestment is expected to be completed in the fi
