Keppel Land uses S$76m from rights issue to partly fund cost of condo devt

Keppel Land said it has used about S$76 million of the net proceeds from its rights issue last year to fund a quarter of the cost to develop its newly acquired condominium site located at Boon Lay Way and Lakeside Drive.

Keppel plans to develop about 550 homes at the site.

These will include 1 to 4 bedroom units, as well as penthouses, ranging from 500 square feet to 1,400 square feet each.

The project is currently in the design and development stage and is expected to be ready for launch by the end of this year and completed by 2013.

Last year, Keppel Land raised S$700.6 million in net proceeds from a rights issue.

Before Wednesday’s announcement, the firm has already used S$590.8 million of the proceeds from the rights issue.

It added that it will make further announcements on SGX when the remaining proceeds of the rights issue are used.

Source : Channel NewsAsia – 2 Jun 2010

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