Singapore-based real estate company GuocoLand Limited (GuocoLand), listed on the Singapore Exchange Securities Trading Limited, announced that its wholly-owned subsidiary, Shanghai Xinhaolong Property Development Co., Ltd. (SHXHL) has agreed to sell the Guoman Hotel in Shanghai together with 256 underground car parking spaces to Shanghai Zhengjiu Industrial Co. Ltd.(Shanghai Zhengjiu) for RMB1,440,960,000 (app. S$290.7 million).
The transaction will be paid in cash in four installments, with the first instalment of RMB288,192,000 (app. S$58.1 million) paid upon the execution of the agreement.
”The net book value of the property as at 31 March 2020 is about RMB509.5 million (app. S$102.8 million). Upon completion of the transaction, GuocoLand Group is expected to recognise a net gain of approximately S$90.6 million, said in a statement.
The Guoman Hotel Shanghai is a 5 star hotel offering 442 guest rooms and suites. A full-service hotel complete with a ballroom, meeting rooms and a business centre, Guoman Hotel Shanghai is suitable for hosting meetings and social events.
Located in Shanghai’s Putuo District in close proximity to local attractions and venues such as Changfeng Park, Changfeng Ocean World Aquarium, Shanghai Convention & Exhibition Centre of International Sourcing and Jackie Chan Film Gallery, the business hotel is suitable for business or leisure stays with transportation links to The Bund, People’s Square, Shanghai Xintiandi and Hongqiao Transportation Hub, which is just a 30-minute drive away.