Keppel Land and its subsidiary, Double Peak, are selling their hotel project in Myanmar to Spring Blossom Ventures for about S$75.6m (€52m).

Greenfield Development holds the issued share capital of Straits Greenfield which has the right to build and operate a hotel in Myanmar.

Spring Blossom will buy the shares in Greenfield in three tranches. Completion of the divestment is expected to take place by the first half of 2023.

The divestment is in line with Keppel’s Vision 2030 plans to unlock capital and invest in new growth opportunities.

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