Swire Properties (01972) said it agreed to sell a land situated at Kowloon Bay for HK$6,528 million to Lucky Melody Limited.
Swire Properties has agreed to procure Star Wing International Limited to complete the construction of a 25-storey Grade A commercial building above a three-storey carpark basement on the land. Completion is conditional upon the Occupation Permit and the Certificate of Compliance being obtained on or before 31 December 2018.
Swire Properties is expected to record a gain on disposal of about HK$1,170 million. Swire Pacific (00019) is expected to record an attributable gain on disposal of about HK$959 million in respect of its 82% interest in Swire Properties.
The proceeds from the disposal will be applied towards the general working capital requirements of Swire Properties.
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