Keppel Land has secured a 17.2 hectare site within the main city of Nantong, Jiangsu province in China, for S$202 million.
The lakefront residential development will be Keppel Land China’s first property development in Nantong.
Keppel plans to target the high income segment for the development, which will comprise about 1,000 homes.
The first phase is expected to be launched in the first half of 2012.
Mr Ang Wee Gee, executive vice chairman of Keppel Land China, said: “This maiden site in Nantong presents tremendous opportunities as the city has been enjoying double-digit GDP growth for the past several years and is among those with the highest income growth in the Yangtze River Delta.”
Mr Ang added that Keppel Land China will continue to keep a lookout for prime sites across cities in China “especially where the Keppel Group is enjoying strong relationships and track record”.
Keppel Land sold more than 3,000 homes across China in 2010, mainly from The Botanica in Chengdu, Central Park City in Wuxi and The Springdale in Shanghai.
Apart from property, the Keppel Group also has the 16-hectare Keppel Nantong Shipyard which specialises in the engineering and construction of offshore support vessels and tugboats.
Source : Channel NewsAsia – 30 Dec 2010