Keppel Land announced that it has used around S$76 million of the net proceeds from its rights issue in 2009 to finance a quarter of the cost to develop its newly purchased condominium site at Boon Lay Way and Lakeside Drive.
The company said it plans to develop 550 residential units at the site, ranging from one- to four-room units, as well as penthouses. The total area for each unit will range from 500 sq ft and 1,400 sq ft.
Currently, the project is in the design and development stage and is expected to be ready for release by the end of the year and be completed by 2013.
In 2009, Keppel Land raised S$700.6 million in net proceeds from a rights issue, and before Wednesday’s announcement, it has already used S$590.8 million of the proceeds.
It added that the company will make further updates on SGX when the remaining proceeds of the rights issue are used.