SINGAPORE (Jan 16): CapitaLand has sold its entire stake in The Nassim for S$411.6 million (RM1.29 billion).

Wholly owned subsidiary, CRL Realty sold its 100% stake in Nassim Hill Realty (NHR) to unrelated third-party Kheng Leong Company.

NHR is a property development company which developed the freehold low-rise luxurious condominium. It presently owns 45 out of the 55 units at The Nassim.

CapitaLand says the consideration was arrived at on a “willing-buyer willing-seller” basis and comprises the estimated net tangible assets value of S$138.7 million as at Jan 16.

It also takes into account the agreed property value of the 45 units in The Nassim of S$407.2 million and an assignment of a shareholder’s loan of S$272.9 million.

The consideration was satisfied entirely in cash.

Following the completion of the sale, NHR has ceased to be a subsidiary of CapitaLand.

Shares of CapitaLand closed 2 Singapore cents lower at S$3.15. —

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