CapitaLand dumps residential site in Shanghai

Part of an ongoing strategy of capital productivity, the divestment of the 144,657 square metre site in Qingpu District is worth approximately S$152.6 million.

Expected to take place in the second quarter of 2011, the completion of the divestment is subject to the fulfillment of certain conditions set out in the agreement between subsidiary CapitaLand China Holdings Pte Ltd and the purchaser.

CapitaLand’s entire 100% interest in BR Properties Pte Ltd which holds the site through its 95% owned subsidiary Shanghai Guang Nan Real Estate Development Co Ltd is being sold off.

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