Keppel Land

Keppel Land: Entered a conditional JV agreement with ShweTaung Group to develop a 23-storey office tower in Yangon's CBD. Keppel Land's investment will be US$47.4m for a 40% stake. When completed in 2017, the office tower will have 33,400 sm NLA of premium GRADE A office space. The office is part of the Junction City mixed development which also houses a shopping center and the Pan Pacific Hotel. Keppel Land's other Myanmar projects include the Sedona Hotel Mandalay and Sedona Hotel Yangon, which is adding a new tower block to its existing wing. Sedona's room inventory will rise to 1,037 when the new tower is completed in 2016. Keppel Land is trading at 0.7x P/B. The street has 15 Buys, 5 Holds and 4 Sells on Keppel Land with a mean TP of $3.87