Keppel Land arm gets S$133m residential site in Chengdu, China

The new project is Keppel Land China's 5th residential venture in Chengdu.

In an SGX release, Keppel Land China Limited (Keppel Land China) has acquired a 28.7 ha prime residential site in Xinjin County of Chengdu to develop about 573 landed homes.

The site is held under Chengdu Shengshi Jingwei Real Estate Investment Co Ltd, which Keppel Land China had acquired for RMB680.4 million (approximately S$133.0 million).

The new development is Keppel Land China’s fifth residential project in fast-growing Chengdu, the capital of Sichuan and China’s fourth largest city in terms of population. The site is adjacent to Hill Crest Villa, where Keppel Land China is currently developing 274 landed homes.

Mr Ang Wee Gee, Executive Vice Chairman of Keppel Land China, said, “Chengdu is witnessing phenomenal growth as Sichuan continues to build up its reputation as a key investment zone in Western China. The acquisition of the new site further strengthens Keppel Land China’s portfolio of quality developments that enhances the lifestyle of the affluent Chinese in Chengdu.

“Leveraging our presence and track record in Chengdu, we are confident of attracting genuine homebuyers who seek well-designed homes that bear the Keppel brand and quality hallmark.”

Located in the prime residential enclave of Mumashan, the new development will be about 20 km away from the city centre and 10 km from Chengdu’s Shuang Liu International Airport. It is also close to Tianfu New City, which is poised to be Chengdu’s software town and the city’s core Central Business District with supporting lifestyle amenities.

Mr Ang added, “This latest acquisition is in line with our strategy to further our presence in key cities across China, one of which is Chengdu. Looking ahead, we will continue to seek good and well-located sites in Chengdu and China as a whole to continue building up Keppel Land China’s repute as a premium international developer among discerning homebuyers.”