Singapore-listed boutique developer TEE Land announced on Dec 20 that it is selling its entire 31.88% stake in Thai property developer Chewathai for THB117.04 million ($4.81 million). The buyer is Thai real estate firm Chartchewa Company Limited.

TEE Land says it expects to receive net proceeds of about THB318.03 million from the sale, which will be “re-allocated and invested in property development in Singapore”.

According to TEE Land, the consideration took into account – among other things – the net asset value of Chewathai, which stood at approximately THB978.25 million as at Sept 30.