Company Briefs: Keppel Land China

Keppel Land China

Keppel Corporation's subsidiary, Keppel Land China, has secured a 10.97ha residential site in the Sino-Singapore Tianjin Eco-city for 1.07 billion yuan (S$214 million).

A total of 392 units of terraced houses and 180 units of low-rise apartments will be developed on the site. The project is expected to be launched in the fourth quarter of next year, and is targeted at upper-middle-income home buyers. The total development cost for the project is expected to be in excess of 1.9 billion yuan, said Keppel Corp.

The site is within the mature start-up area of the eco-city and is near the Tianjin Binhai Foreign Language School, Yongding Zhou Cultural Park and No. 1 Community Centre. It is also near Seasons City, a mixed-use property currently being developed by Keppel Land.

The site is also about 20 minutes' drive from the Tianjin Economic-Technological Development Area, one of the first national-level economic and technological development areas in China. Upon the completion of the Z4 rail line, the eco-city's connectivity to other parts of Tianjin will be enhanced, said Keppel Corp.

Mr Ben Lee, president of Keppel Land China, said its eco-friendly homes have been well received.

Keppel Land has launched about 4,500 units of homes in the eco-city, of which about 98 per cent have been sold. Another 346 units of homes will be launched next year, he added.


GIC

GIC said yesterday that it will buy Blocks A and B of Hwaseong Dongtan Logistics Complex in Gyeonggi province in South Korea for US$570 million (S$780.5 million) through a real estate fund.

The Singapore sovereign wealth fund said Blocks A and B are two newly completed, prime-grade distribution centres.

They are part of the Hwaseong Dongtan Logistics Complex, which is 35km from Seoul and with good access to the Seoul-Busan Expressway, the No. 1 artery expressway in South Korea. Both blocks are fully leased for the long term, said GIC.

The logistics space was bought from K-Eco Logis Co, a subsidiary of Halla Corp and the developer of the assets. The real estate fund is managed by ADF Asset Management, which specialises in South Korea's industrial sector.

"This investment is in line with GIC's strategy to own assets with long-term earning potential at reasonable prices and with due regard to risk," GIC said.

A version of this article appeared in the print edition of The Straits Times on December 20, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe