PT Purimas Straits Resort, an associated company of Keppel Land who holds a 24.5% stake, has entered into an agreement to divest a 20.5-hectare site in West Bali’s Tanah Lot district to PT Bali Sudamala Development. Keppel Land will concurrently divest its entire shareholding interest in PT Purimas Straits Resort through capital reductions and sales of shares.

Keppel Land expects a net divestment gain of about $17.6 million from the transaction by end-Dec, the company says. Goh York Lin, president for Indonesia at Keppel Land, says that the divestment will allow Keppel Land to redeploy capital and scale up in the Greater Jakarta area, where it is focused.

Keppel Land had earlier announced the acquisition of a prime site in Jakarta's Sudirman central business district where it plans to develop a premium high-rise tower which could yield about 400 luxury apartments. Its other projects in Jakarta include West Vista and The Riviera at Puri, as well as the International Financial Centre Jakarta.