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SG Keppel Land, China Vanke to jointly build condo

Property Here - Wednesday, April 17, 2013

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By Shabnam Muzammil:

Keppel Land has partnered with China Vanke, the country’s largest residential property developer, to jointly develop properties in Singapore and China.
 
The first joint project will see the development of a 726-unit condominium set to launch in the second half of 2013, where China Vanke will acquire a 30 percent stake from Keppel Land for about S$135.5 million. 
 
The condo will be built on a 3.2ha residential site in Tanah Merah acquired by Keppel Land in October last year for S$434.55 million through its wholly-owned subsidiary, Sherwood Development. 
 
Commenting on the new alliance, Ang Wee Gee (pictured), CEO of Keppel Land, noted: “In shaping Keppel Land's future, we are constantly on the lookout for strategic alliances that will achieve sustainable growth in our business. Working with like-minded partners is critical in ensuring success wherever we operate, and we are pleased to collaborate with Vanke, China's foremost property developer, to build new capabilities.”
 
“Leveraging Vanke's deep insight and keen knowledge of the Chinese market, this win-win partnership will put us in good stead as we look towards scaling up in high-growth cities in China.”
 
Meanwhile, Yu Liang, President of China Vanke, said: “Vanke looks forward to this long-term partnership with Keppel Land, one of Asia's leading property developers. We hope to be able to learn best practices from Keppel Land in the area of real estate development.”
 
“We are confident that our first joint development project in Tanah Merah will set the pace for future collaborations in Singapore and China.”



Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email shabnam@allproperty.com.sg