Mainboard-listed property developer Keppel Land on Friday said it has terminated its Vietnamese joint venture agreements with An Phu Corporation. It said the contracts were terminated because conditions were not fulfilled, without elaborating. Under the agreements signed in 2007, Keppel Land was to have developed condominiums in Ho Chi Minh City with An Phu. Keppel Land said the termination of the...
Keppel Land
Keppel Land has signed a joint venture agreement with its Vietnamese partner Tien Phuoc to develop an 11-hectare waterfront residential site for 175 villas fronting the Saigon river in Ho Chi Minh City. The signing was witnessed by Prime Minister Lee Hsien Loong and Vietnamese Prime Minister Nguyen Tan Dung. This is the third project that Keppel Land and Tien Phuoc are working on together. The other two...
Property developer Keppel Land said it has acquired a third township site in Vietnam's Ho Chi Minh City. Through its wholly-owned subsidiary, Flemmington Investments, Keppel Land has entered into a joint venture with two Vietnamese developers. Flemmington will work with Tien Phuoc and Tran Thai to develop a waterfront residential township in Ho Chi Minh's popular District 2. Under the joint venture,...
Keppel Land has bought a site in northeast China for S$180 million. The purchase was made through its wholly-owned subsidiary Da Di Investment. The 30-hectare site is in Shenyang - the capital city of Liaoning province. Keppel Land plans to build a township on the site, which will comprise about 6,000 homes and some commercial developments. The project will be targeted at the upper-middle market. The...
Mainboard-listed developer Keppel Land said its third quarter net profit surged 70 per cent to S$78.5 million as property markets across Asia strengthened amid signs of an economic recovery. Sales rose 22.6 per cent to about S$228 million for the three months ended September. Capitalising on the improving market sentiment, Keppel Land launched Madison Residences and Caribbean Residences as well as...
Property developer Keppel Land said on Friday that it is issuing some 8.7 million new shares, following its offer to delist its subsidiary, Evergro Properties. The shares will be listed with effect from Monday, October 5. Following the issue of the new shares, Keppel Land will have some 1.4 billion shares in float. This means the new shares account for about 0.6 per cent of the total shares. Under the...
Mainboard-listed Keppel Land said its second quarter net earnings rose 10.4 per cent to S$58.2 million from a year ago, as sales of residential property rose on improved sentiments. Revenue for the three months ended June climbed 34.4 per cent to S$250 million from a year earlier. The developer said sales of its Marina Bay Residences, The Sixth Avenue Residences, Reflections at Keppel Bay and The Tresor...
TIMING can decide whether the deferred payment scheme (DPS) helps or hurts private home developers, as shown by updates provided this week on two projects. On Friday, Keppel Land revealed that it had yet to receive full payment for about a-third of Suites @ Central, a 157-unit freehold condominium on Devonshire Road that obtained its Temporary Occupation Permit (TOP) earlier this year. In particular,...
Property developer Keppel Land has become the latest company here to boost its capital through a rights issue. It is seeking to raise some S$712 million by issuing about 653 million new ordinary shares. Under the rights issue, holders will be offered nine rights shares for every 10 existing ordinary shares. Each rights share would be sold at a price of S$1.09, a 42 per cent discount over Thursday's...
Developer Keppel Land has named Choo Chiau Beng as its new chairman. Mr Choo, a director of Keppel Land since 1985, will take over from Lim Chee Onn as chairman from May 1. Paying tribute to Mr Lim, Keppel Land says the company has grown from a local property player to one of Asia's premier property developers under his leadership. Mr Lim had been a director of Keppel Land (then Straits Steamship Co...