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Keppel Corp’s China property arm is collectively developing 3.8ha of property in Nanjing, China, into a residential and commercial mixed-use property.

The site includes a gross floor space of 99,248 sq m and will yield approximately 211 residential components, 342 commercial components and 79 store units,” said Keppel on Wednesday. Stage 1 is anticipated to be established in 2Q20 and the whole project is slated for completion by 2024.

On Wednesday, Keppel Land China unit Shanghai Ming Bu Industrial Co (SMBI) entered a share purchase agreement with Yincheng International Holding Co for a 25% stake in the JV firm Nanjing Zhijun Property Development Co for 250 million yuan.

The development cost will be in excess of five thousand yuan ($990 million), said Keppel.

After finishing the 25% stake acquisition, SMBI will progress a shareholders’ loan of 464 million yuan into Nanjing Zhijun for its acquisition and evolution of the site. The site is expected to be obtained by Nanjing Zhijun from end-December 2019.
Keppel said the agreement isn’t anticipated to have a material impact on its net tangible assets per share or earnings per share for the present financial year.

Shares in Keppel closed two cents lower at $5.92 on Wednesday prior to the statement.