Stock News: OCBC selling development site for 329.1 mln sgd

Oversea-Chinese Banking Corp Ltd (OCBC) may advance after announcing that its wholly-owned unit Kim Seng Properties Pte Ltd is selling a residential development site at Kim Seng Road here to Lippo Karawaci Corp for 329.1 mln sgd. OCBC said the sale is in line with the bank's effort to unload non-core assets and use the funds to invest in its core financial services business. OCBC said it expects to recognize a gain of approximately 260 mln sgd from the sale. The stock closed flat at 6.75 sgd yesterday.