SINGAPORE (Dec 13): CWG International’s 95.8%-owned subsidiary, Bluesky Parramatta, is selling a plot of land in Sydney, Australia to Parkes 88 for A$40 million ($40.6 million).

Situated at 14-20 Parkes Street, Harris Park, NSW 2150, the total area of the land plot is around 2,878 sqm. It is located in the centre of Parramatta, and is poised to be the alternative central business district of Sydney.

CWG, formerly known as Chiwayland International, last week announced that it has obtained the State government’s approval to double the plot ratio for the land from 4:1 to 8:1.

As at end November, the book value of the property is A$31 million. A valuation of the property conducted by Civic Valuations has placed the total value of the property at A$38 million.

CWG says it had signalled its intention to sell the property in May, and the proposed disposal represents an opportunity for Bluesky to exit its entire interest in the property.