The two companies developed the Central Grove and Casafina condominiums in Singapore.
CapitaLand Limited’s wholly-owned subsidiaries have divested their 50 percent stake in Sims Park Pte Ltd (SP) and Laguna Garden Limited (LG) to existing shareholders for $4 million.
In an SGX filing, CapitaLand revealed that SP and LG are property development companies that developed the condominiums known as Central Grove and Casafina respectively, both of which were completed and fully sold.
Prior to divestment, SP and LG raised their respective share capital to $10.8 million and $62.99 million.
“Following the divestment, LG and SP have ceased to be associated companies of CapitaLand,” the group said.
CapitaLand does not expect the transaction to materially affect the group’s net tangible assets or earnings per share for the financial year ending 31 December 2017.