Singapore firm "eyes Leighton property portfolio"

MELBOURNE (Reuters) - Singapore's City Developments and Australia's Stockland Group are considering bidding for Leighton Holdings' US$7 billion (S$8.7 billion) residential and commercial property portfolio, a leading Australian newspaper reported on Tuesday.

Bids for the Leighton Properties business, which is expected to fetch up to A$500 million (S$584 million), are due on Thursday, the Australian Financial Review said, without citing any sources.

The newspaper quoted Stockland Chief Executive Mark Steinert from a speech last week, where he said Stockland has A$3.3 billion invested in Queensland and it plans to invest at least another A$3 billion over the next five or six years.

City Developments could not be contacted for comment, the newspaper said.

Join ST's Telegram channel and get the latest breaking news delivered to you.