Keppel Land continues to strengthen its presence in China after acquiring a 17.5-ha prime residential site in Sheshan, Shanghai for RMB1,330 million (S$266 million). The site is said to be developed into 200 landed homes.
“China is one of Keppel Land’s core markets and we are committed to strengthening our foothold in high-growth cities, such as Shanghai, where we have an established presence,” said Ang Wee Gee, CEO of Keppel Land Limited and Executive Vice Chairman of Keppel Land China.
Keppel’s ninth project in Shanghai will feature 250sq m to 350sq m landed homes with a full range of amenities such as a clubhouse and a retail component. The first phase of the development is set to be launched in 2H 2014.
Also in China, through its subsidiary Shanghai Hongda Property Development, Keppel Land has signed a conditional share purchase agreement (SPA) to acquire 100 percent shareholding interest Shanghai Jinju Real Estate Development. The stakes are comprised of 95 percent from Shanghai Jingan Xinchen Real Estate and five percent from Shanghai Hongji Investment.
Notably, Shanghai Jinju Real Estate Development is the owner of the prime residential site recently acquired by Keppel Land.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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