KepLand

KepLand: 2 subsis secured a 7.2 ha residential site in Nanxiang Town in Shanghai, China for Rmb1.25b (S$241.0m) for the dev of 1000 high rise apts. This is KepLand's 5th project in Shanghai and is a 30 min drive from the city centre, targeted at upgraders for owner's occupation. The launch is targeted at 2H2012 but made no mention of funding. Co is currently trading at lower valuations 1.3x P/B, with hist avg at 1.7x P/B.