Hongkong Land Holdings (SGX:H78) is mulling the sale of its Singapore-based property development unit, MCL Land, Bloomberg reported Thursday, citing people close to the matter.
The firm owns 100% of MCL and is looking to divest its stake at around SG$1.1 billion, the report said. The company is in discussions with financial advisers regarding the transaction.
The news comes in after the company disclosed plans to move on from its residential development business to focus on real estate investment trusts, according to the report.
Hongkong Land has yet to respond to MT Newswires' request for a comment.
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