KepLand buys Shenyang site for $30.8m

KepLand buys Shenyang site for $30.8m

It will be combined with adjacent site for township project


KEPPEL Land has acquired a site in Shenyang’s Shenbei New District about 10 ha in size for 155 million yuan ($30.87 million).


This site is adjacent to a 24 ha site that Keppel Land acquired in August last year. At the time, it was reported that it had paid $62 million for the 24 ha site.


In a statement released yesterday, Keppel Land said that the the combined site area will measure about 34 ha on which an integrated township development will be built. It will have a mix of mid- and high-rise apartment blocks of two- and three-bedroom units. These units will range between 90-130 sq m in size.


Keppel Land International executive director and CEO Ang Wee Gee said: ‘The robust economic growth and growing affluence in Shenyang will see more people seek better lifestyle and quality homes. Keppel Land plans to meet this growing demand through our offering of well-designed large-scale integrated township developments.’


Keppel’s township is in proximity to educational and transportation hubs. Mr Ang added: ‘We are confident that our development will attract demand from both local Shenyang buyers as well as those from the surrounding cities.’


The township is expected to be completed in 2013 and yield approximately 5,600 homes, with a total gross floor area of over 675,000 sq m.


The township development will also be fitted with eco-friendly features such as wetland, conservatory and rain water recycling. There will also be recreational amenities such as a clubhouse, a temperate pool and a skating ring within landscaped grounds.


Targeted at the upper-middle income homebuyers, the sales launch for the first phase of the township development is expected in 2009.


With this latest acquisition, Keppel Land says it has a pipeline of more than 40,000 homes in township developments in China, Vietnam and Indonesia.


Source: Business Times

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