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Keppel Land unit wins tender for residential site in China with 2.53B yuan bid

Keppel Lakefront (Wuxi) Property Development Co. Ltd., a wholly owned subsidiary of Keppel Land Ltd.'s Chinese arm, won the tender for a prime 18.03-hectare residential site in Wuxi, China, after placing the winning bid of approximately 2.53 billion yuan during a government-administered auction.

Keppel Land China Ltd. is planning to develop the site, which has a roughly 360,500 square meters of permissible gross floor area, into a residential scheme comprising 2,053 high-rise, 456 mid-rise and 246 low-rise units.

Keppel Land CEO Ang Wee Gee said they are confident that the planned scheme will receive strong demand from homeowners who are looking for quality. The executive also affirmed the Singapore-listed company's commitment to expand in the key Chinese cities of Shanghai, Beijing, Tianjin, Chengdu and Wuxi.

As of Dec. 25, US$1 was equivalent to 6.54 yuan.