Keppel Land China secures residential site in Tianjin Eco-City for $214 mil

Keppel Land China secures residential site in Tianjin Eco-City for $214 mil

Stanislaus Jude Chan
19/12/18, 05:45 pm

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.

Jokowi declared winner a month after Indonesia presidential vote

(May 21): Indonesian President Joko Widodo won last month’s bitterly contested election by a double-digit margin, official results showed Tuesday, putting the former furniture exporter in charge of the world’s largest Muslim-majority nation for another five years. Widodo, known as Jokowi, won 55.5% of the national vote, compared to his challenger Prabowo Subianto’s 44.5%, the General Elections Commission said in Jakarta early on Tuesday. Jokowi’s margin of victory at 11% was almost double the lead he secured in 2014 against the same opponent, commission’s data showed. The tally al....

Sembcorp Industries' near-term outlook hinges on sustained India uptrend, say analysts

SINGAPORE (May 21): CGS-CIMB Research and DBS Vickers Securities are maintaining their “add” and “buy” calls on Sembcorp Industries (SCI) with target prices of $3.41 and $3.90, respectively. This comes after the group last week posted 21% higher 1Q earnings of $77 million on higher contributions from its energy segment, which was mainly driven by improved performance from India and the recognition of peak winter availability payments for UK Power Reserve. In a May 15 report, CGS-CIMB analyst Lim Siew Khee says she considers SCI cheap at $2.54, which is 0.6 times FY19 price-to-boo....

China warns about 'unwavering resolve' to fight 'US bullying'

BRUSSELS (May 21): China could retaliate against the US after President Donald Trump blacklisted Huawei Technologies Co., the Chinese ambassador to the European Union said. Trump upped the ante in his trade dispute with China last week, announcing moves to curb Huawei’s business that are starting to have ramifications for other companies around the world. "This is wrong behavior, so there will be a necessary response," Zhang Ming, China’s envoy to the EU, said in an interview in Brussels on Monday. "Chinese companies’ legitimate rights and interests are being undermined, so the Chi....