CT Holdings progresses to next stage in Rs. 7 b condominium project

Friday, 7 December 2012 00:36 - - {{hitsCtrl.values.hits}}

CT Properties Ltd., a wholly-owned subsidiary of CT Holdings PLC, has completed the transfer of its 60% shareholding interest in Keppel C T Developments Ltd. (formerly known as C T Properties GS Ltd).

On 13 July 2012, CT Holdings PLC announced that CT Properties Ltd. entered into a conditional share purchase and joint venture agreement with Edmonton Ltd. (Edmonton), a wholly-owned subsidiary of Singapore-based Keppel Land Ltd. (Keppel Land), for the sale of 9,768,000shares to Edmonton, representing 60% shareholding interest in the joint venture company, and to assign 60% of the loan granted by CT Properties to the Edmonton.

The acquisition was completed earlier this week, subsequent to the fulfillment of the conditions precedent set out in the said conditional share purchase and joint venture agreement. Under the agreement, the company will develop about 260 high-end condominiums on a 1.25-acre prime site on George R. De Silva Mawatha, Colombo 13, at a total development cost of about Rs. 7 billion.

Targeted at the well-heeled local and overseas Sri Lankans, the development is located north of Fort, the central business district (CBD) of Colombo. It is well-connected via major roads and will provide residents easy and direct access to the CBD. The Kotahena area, where the new development is sited, is well-served by numerous amenities including schools, retail outlets, banks, medical facilities as well as sports and entertainment centres. Majority of the homes are also expected to enjoy panoramic views of the Indian Ocean.

Keppel Land is the property arm of Keppel Corporation Ltd., one of Singapore’s largest multinational groups with key businesses in offshore and marine, infrastructure, and property. It is also one of the largest listed property companies by total assets on the Singapore Exchange. Its total assets amounted to about $ 10.2 billion as at 30 September 2012. Keppel Land is also part of the FTSE ST Real Estate Index, FTSE ST China Top Index and EPRA/NAREIT Index.