The sale of Nassim Hill Realty was satisfied entirely in cash, said CapitaLand.
CRL Realty, a wholly-owned subsidiary of property giant CapitaLand, has sold its 100 percent stake in Nassim Hill Realty (NHR) to Kheng Leong Company for $411.6 million.
In an SGX filing on Monday (16 January), CapitaLand revealed that NHR was responsible for developing The Nassim, a luxurious low-rise condominium located along Nassim Hill in District 10. It presently owns 45 units in the freehold property.
The consideration, which was satisfied entirely in cash, is subject to post-completion adjustment and comprises the estimated net tangible assets value of $138.7 million as at 16 January 2017.
It also takes into account the $407.2 million agreed property value for the 45 units in The Nassim, as well as an assignment of a $272.9 million shareholder’s loan.
Based on CapitaLand’s unaudited consolidated financial statements for the nine months ended 30 September 2016, and assuming the sale was effected on 1 January 2016, CapitaLand’s earnings per share would have increased from 17.9 cents to 21.7 cents.
However, assuming the sale was effected on 30 September 2016, the financial impact on CapitaLand’s net tangible asset per share would not be material.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
