Keppel Land

Keppel Land: announced that its new 850k sq ft Ocean Financial Centre (OFC) is on track to complete by 2Q12. Currently, the building is about 63% pre-committed with strong tenants such as BNP Paribas Spore (58k sqft) and ANZ Banking Grp (209k sqft) agreeing to lease space at the prime office location. Other tenants include Drew & Napier, Stamford Law, The Executive Centre, Verizon and DMG, many of whom have been long term tenants at the previous Ocean Building and Ocean Towers which will be redeveloped as part of the OFC. Meanwhile, KepCorp CEO reiterated Kepland's interest to sell its stake in the 1st phase of the Marina Bay Financial Centre (MBFC) to K-Reit Asia, and this will be done at a price that is acceptable to both set of shareholders. CEO also added that KPLD may eventually pare down its stake in KREIT in order to boost liquidity.