SINGAPORE - Property developer Keppel Land has made its first foray into the United States with a US$70 million (S$86.9 million) investment in a property in New York City.
The residential and retail property, located on Manhattan's Upper East Side, will be developed by New York developer Macklowe Properties. Macklowe's portfolio includes 432 Park Avenue, the tallest residential building in the western hemisphere.
The investment will be managed by Keppel Land's fund management subsidiary, Alpha Investment Partners, the Singapore-listed company said on Tuesday.
"With this prime property, we hope to meet the demand for well-located quality homes in one of the world's leading business and financial capitals," said Keppel Land's chief executive Ang Wee Gee.
"Keppel Land will continue to invest opportunistically in key global cities with good growth potential, while remaining focused on Asia, with Singapore and China as our core markets."
The company noted that Manhattan's housing market remains strong, with a "low inventory (of) condominiums".