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RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Sembcorp Industries sells stake in Hongshan Mansion for $68m

It expects to gain $12m from the sale.

Sembcorp Industries (Sembcorp) sold its stake in Wuxi Singapore Property Investment Co (WSPI) to Golden Concord and Shanghai Sunac Real Estate Development for $68m (RMB323m).

WSPI is a property holding company incorporated in China which holds, through its China incorporated subsidiary, a residential development in Wuxi named Hongshan Mansion, which is currently in development.

According to an announcement, Singapore Wuxi Investment Holdings (SWIH), a firm wherein Sembcorp subsidiary Sembcorp Development owns a 92.6% stake, sold its 49% equity interest in WSPI.

This sale is expected to result in a net gain for SWIH of $13m and a net gain for Sembcorp of $12m for the financial year ending December 31, 2018.

The sale consideration will be fully satisfied in cash and was determined taking into account the market price of the remaining undeveloped land and the unsold residential units, Sembcorp said.

The completion of the sale is expected by the end of 2018, upon which WSPI will cease to be a subsidiary company of SWIH, Sembcorp Development, and Sembcorp Industries.

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