The Singapore-based Keppel Corporation is still awaiting a court decision regarding the sale of its 80% stake in the Keppel Cove marina development at Zhongshan in the Pearl River in China.
A challenge initiated by the Sunsea Yacht Club-based in Hong Kong, the 20% holder in the marina, resulted in a hearing in the Singapore High Court early in December which aimed to stop the Keppel Corporation’s Yuan 2.9bn (Sg$595m) sale of its stake in Keppel Cove.
On December 15 that hearing went in Keppel’s favour to proceed with the Sunsea summon being dismissed. A hearing on December 22 Sunsea tried to get permission for an appeal but this was denied by the High Court and Sunsea were ordered to pay costs. Following this Sunsea plan a move to challenge the December 22 decision and in response to this the High Court allowed Sunsea to restrain Keppel from completing the sale until the appeal hearing is held.
Keppel had arranged to sell the Keppel Cove development to Logan Property, a Hong Kong-listed group. The Keppel Cove marina is owned 80% by Keppel China Marina Holdings Pte Ltd which is a subsidiary of Keppel Land China Ltd. The financial gain for Keppel from the sale will be about Sg$290m.
Covering a total land area of 891,752sq m, Keppel Cove completed Phase 1 of its development, comprising 42 villas, a club house and a marina with 82 berths, in March 2017. When fully completed the marina will have up to 400 berths for yachts up 30m (100ft).