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Keppel Land invests $86.9m in Manhattan property

Published on Jul 29, 2014 9:28 AM
 
Properties in New York's Upper West Side are shown in this 2010 aerial photograph. 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. -- PHOTO: BLOOMBERG

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.

 
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