Source : Business Times - 1 May 2008
KEPPEL Land said yesterday that it is developing a waterfront residential pro-ject in China’s Pearl River Delta region.
Keppel Land is taking an 80 per cent stake in Sunseacan Investment, a Hong Kong company that will undertake the development. The remaining 20 per cent will be held by Sunsea Yacht Club, another Hong Kong company and the former owner of Sunseacan Investment.
Keppel Land had earlier announced that it was buying an 80 per cent stake in Sunseacan for HK$50 million (S$8.74 million) in cash. It will hold the stake through a subsidiary.
The luxury complex will be 35 km from Zhongshan city in Guangdong province and will cover 82 hectares. When completed, it is expected to yield about 300 villas with private berths on the Xijiang river and 2,500 condominium units and serviced apartments, with a total gross floor area of 408,000 sq m.
There will also be restaurants, berths for 550 boats and other recreational facilities.
Keppel Land’s group chief executive officer Kevin Wong said: ‘Waterfront living has become a worldwide trend. Keppel Land is confident this integrated development will present a new and refreshing lifestyle to home-buyers in China.’
Keppel Land said the deal is not expected to have a material impact on its consolidated earnings per share or net tangible assets per share for the current financial year.
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