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Southeast Asia’s largest property group CapitaLand announced that it has completed the divestment process of its 100 percent interest in Shanghai CapitaLand Xin Chuang Real Estate Development Co., Ltd. (SCXC), which owns a land site at 313 West Guangzhong Road in Zhabei District, Shanghai.
The company said the property, which is currently under development, has a total gross floor area (GFA) of approximately 71,613 sq m.
Earlier this month, CapitaLand said it is selling the property as part of an ongoing strategy of capital productivity. The divestment process was arrived at through a willing-buyer and willing-seller basis, with an agreed value of around RMB893 million (S$182 million).
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