Keppel Land and China Vanke Co. have entered into a strategic partnership that will see both companies jointly develop properties in Singapore and China.
The first joint venture project will be a 726-unit condominium development on a 3.2 ha site in Tanah Merah in Singapore, Wkdeveloper sig I Private Limited, a wholly-owned subsidiary of Vanke, will acquire a 30% stake from Keppel Land for a total cash consideration of about $135.5 million. Keppel Land, through its wholly-owned subsidiary, Sherwood Development, was awarded the prime residential site for $434.55 million in October 2012.
Located in an established housing estate, the development is a short walking distance to the Tanah Merah MRT station and is well-served by major expressways. Led by Keppel Land, design development for the project is currently underway. The project is expected to be launched in the second half of this year.
Yu Liang, President of Vanke, said, “Vanke looks forward to this long-term partnership with Keppel Land, one of Asia’s leading property developers. We hope to be able to learn best practices from Keppel Land in the area of real estate development. We are confident that our first joint development project in Tanah Merah will set the pace for future collaborations in Singapore and China.”
The above transactions are not expected to have any material impact on the net tangible asset per share or earnings per share of Keppel Land Limited for the current financial year.
No comments:
Post a Comment