Keppel Land, the property arm of Keppel Group, has finally penetrated into Beijing’s commercial market with the acquisition of its first commercial development that sits on a 2.6-ha site in the city’s CBD.
With a gross floor area (GFA) of about 100,000 sq m, the site is set to feature three office blocks and a retail development. It is located in the Chaoyang district between the eastern second and third ring roads, and is a stone’s throw away from well-known landmarks such as the China World Trade Centre and the China Central Television (CCTV) Tower.
“Keppel Land China continues to pursue opportunities to build up a strong portfolio in China, whether residential or commercial,” said Ang Wee Gee, Executive Vice Chairman of Keppel Land China.
“This is our first commercial development in China’s capital. This site is in a prime location with high potential, and will draw Chinese as well as multinational corporations who will value its high accessibility.”
Meanwhile, Keppel Land has announced that full year profit for the fiscal year 2011 climbed 29.7 percent to S$1.36 billion, attributed mainly to a S$508.1 million gain from the sale of the company’s 87.5 percent stake in Ocean Financial Centre as well as to a S$549.8 million fair value gain on investment properties.
The developer sold 480 housing units in Singapore last year, driven by the healthy response of buyers to The Luxurie project, which saw a take-up of 82 percent of the 300 units released.
Looking ahead, Kevin Wong, Group CEO of Keppel Land, said the company will be selective about replenishing their land bank. He noted that it will continue to monitor the Singapore property market closely to launch new projects and phases.
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