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April 16, 2013 By admin

Keppel Land and China Vanke enter strategic partnership

Keppel Land Limited and China Vanke Co will jointly develop a condominium development in Tanah Merah, as part of a strategic partnership that will see both companies develop properties in Singapore and China.

This first joint venture will see Wkdeveloper sig I Private Limited, a wholly owned subsidiary of Vanke, acquire a 30 per cent stake from Keppel Land for an aggregate cash consideration of about S$135.5 million.

The 3.2-ha site in Tanah Merah, which will yield 726 condominium units, was awarded to Keppel Land’s Sherwood Development Pte Ltd for S$434.55 million in October 2012.

Led by Keppel Land, design development for the project is underway. The project is expected to be launched in the second half of this year.

 

Source: http://www.businesstimes.com.sg/breaking-news/singapore/keppel-land-and-china-vanke-enter-strategic-partnership-20130416

Filed Under: Latest News, Private Property

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