Keppel Land

Keppel Land: 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. The plan is to develop about 726 condominium units in one-to-fourbedroom configurations on the site. The average selling price could be ard S$1,300-1,400 psf, based on recent nearby project transactions. Margins are around teens.The project is expected to be launched in the second half of this year. Vanke confirmed that this project will target mainland Chinese, similar to its project in San Francisco. This is in line with Vanke’s earlier discussions with investors at various conferences on its international strategy, and reconfirms a trend of Chinese developers expanding overseas. Note that Keppel Land has more than 75,000 homes in the pipeline across Asia, and grp’s CEO note that the JV will enable Keppel to leverage on Vanke’s deep insight and keen knowledge of the Chinese market, which puts Keppel in a good stead as it look towards scaling up in high-growth cities in China.