Singapore’s Keppel Land makes first US property investment

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Upper East sideKeppel Land Ltd., Singapore’s third-biggest developer by market value, recently made its maiden investment in the US with a prime residential development in New York City.

The project is valued at about $70 million, the company said in a statement to the Singapore stock exchange. The property, located on the Upper East Side in Manhattan, will be developed by Macklowe Properties Inc., a New York-based real estate developer, Keppel said.

Singapore builders are expanding overseas as government measures to curb record residential prices slow demand at home. Pontiac Land Group, owner of the Singapore Ritz-Carlton, said in October it is investing $200 million to revive a project for a 72-story residential tower adjacent to the Museum of Modern Art in midtown Manhattan. OUE Ltd. agreed to buy the US Bank Tower in Los Angeles, California’s tallest building, for $367.5 million in March 2013.

“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,” Ang Wee Gee, chief executive officer of Keppel Land, said in the statement.

Manhattan has a low inventory for condominiums, according to a report by Douglas Elliman Real Estate. Listing inventory fell to a 14-year low of 4,164 units in the fourth quarter of 2013. It rose by 18 per cent in the quarter ended June 30 to 5,659 units from the same period a year earlier, according to the broker.

Keppel Land shares have gained 6 per cent this year compared with the 7.6 per cent gain in the 49-stock FTSE Strait Times Real Estate Index.



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Keppel Land Ltd., Singapore’s third-biggest developer by market value, recently made its maiden investment in the US with a prime residential development in New York City. The project is valued at about $70 million, the company said in a statement to the Singapore stock exchange. The property, located on the Upper East Side in Manhattan, will be developed by Macklowe Properties Inc., a New York-based real estate developer, Keppel said. Singapore builders are expanding overseas as government measures to curb record residential prices slow demand at home. Pontiac Land Group, owner of the Singapore Ritz-Carlton, said in October it is...

Upper East sideKeppel Land Ltd., Singapore’s third-biggest developer by market value, recently made its maiden investment in the US with a prime residential development in New York City.

The project is valued at about $70 million, the company said in a statement to the Singapore stock exchange. The property, located on the Upper East Side in Manhattan, will be developed by Macklowe Properties Inc., a New York-based real estate developer, Keppel said.

Singapore builders are expanding overseas as government measures to curb record residential prices slow demand at home. Pontiac Land Group, owner of the Singapore Ritz-Carlton, said in October it is investing $200 million to revive a project for a 72-story residential tower adjacent to the Museum of Modern Art in midtown Manhattan. OUE Ltd. agreed to buy the US Bank Tower in Los Angeles, California’s tallest building, for $367.5 million in March 2013.

“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,” Ang Wee Gee, chief executive officer of Keppel Land, said in the statement.

Manhattan has a low inventory for condominiums, according to a report by Douglas Elliman Real Estate. Listing inventory fell to a 14-year low of 4,164 units in the fourth quarter of 2013. It rose by 18 per cent in the quarter ended June 30 to 5,659 units from the same period a year earlier, according to the broker.

Keppel Land shares have gained 6 per cent this year compared with the 7.6 per cent gain in the 49-stock FTSE Strait Times Real Estate Index.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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