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.