Merryfield Investment Pte Ltd, a wholly-owned subsidiary of Keppel Land China, has acquired a 17.2-hectare site in the city of Nantong, Jiangsu province, for RMB1.04 billion for a lakefront residential development.
The maiden property development of Keppel Land China is situated in the town centre of the state-level Nantong Economic & Technological Development Area (NETDA).
Targeted at the high income segment, the exclusive low-density residential development will consist of around 1,000 homes, which range from villas, duplexes, terraces to high-rise apartments. The first phase of the development will likely be launched in the first half of 2012.
“This maiden site in Nantong presents tremendous opportunities as the city has been enjoying double-digit GDP growth for the past several years and is among those with the highest income growth in the Yangtze River Delta. We continue to be on the look-out for prime sites across cities in China, especially where the Keppel Group is enjoying strong relationships and track record,” said Mr. Ang Wee Gee, executive vice chairman of Keppel Land China.
The acquisition will not likely have any major effects on the net tangible asset per share or earnings per share of the group for the fiscal year ending December 2010.