CFA Society Singapore
SINGAPORE (Dec 19): Keppel Land China, a wholly-owned subsidiary of Keppel Corporation, has secured a 10.97-ha residential site in the Sino-Singapore Tianjin Eco-City (Eco-City) for RMB 1.07 billion ($214 million) in a public land tender.
The new site will be developed into an eco-community comprising 392 units of terrace houses and 180 units of low-rise apartments. Targeted at upper-middle income homebuyers, the project is expected to be launched in 4Q19.
The total development cost for the project is expected to be in excess of RMB 1.90 billion.
The site is located within the mature Start-Up Area of the Eco-City, and is about a 20-minute drive away from Tianjin Economic-Technological Development Area, one of the first national-level economic and technological development areas in China.
The Eco-City’s connectivity to other parts of Tianjin will be enhanced upon the completion of the Z4 rail line.
“Over the past decade, Keppel Land has been participating actively in and contributing to the Eco-City’s development. Our eco-friendly homes have been well-received by the market. To date, Keppel Land has launched about 4,500 units of homes in the Eco-City, of which about 98% have been sold,” says Ben Lee, president of Keppel Land China.
“We are confident that our new development will continue to attract homebuyers seeking well-located and high-quality green homes,” he adds.
Keppel Corp says the transaction is not expected to have any significant impact on its net tangible asset per share or earnings per share for the current financial year.
Shares in Keppel Corp closed flat at $6.01 on Wednesday.