Keppel Land tops Kim Tian Road residential bidding with $550.28m

Developer plans to build ~500 homes.

Keppel Land Limited (Keppel Land), through its wholly-owned subsidiary, Harvestland Development Pte Ltd, has topped the bids for a prime residential site at Kim Tian Road located next to Tiong Bahru MRT station for $550.28 million.

When awarded the site by the Urban Redevelopment Authority (URA), Keppel Land plans to develop about 500 homes, ranging between 500 sf and 1,350 sf in one- to four-bedroom configurations.

Mr Tan Swee Yiow, President (Singapore) of Keppel Land, said, "This is Keppel Land's first project in Tiong Bahru and will add to our strong portfolio of quality properties in well-located areas. Tiong Bahru is an established residential estate which is well-connected by public transportation and well-served by a wide range of facilities and amenities. We are confident that we will see positive demand from homeowners who aspire to own a top quality home in the CBD's fringe."

Besides the site's proximity to the Tiong Bahru MRT station along the East-West line and future Havelock MRT station along the Thomson line, future residents will also benefit from the site's easy and seamless connectivity to the city and other parts of Singapore via major roads such as Zion Road and Havelock Road as well as expressways such as the Ayer Rajar Expressway and Central Expressway.

A wide range of shopping, dining and leisure amenities are a stone's throw away at Tiong Bahru Plaza, Tiong Bahru Food Centre, Tiong Bahru Conservation Area and Great World City. Families with school-going children will also appreciate the site's close proximity to Crescent Girls' School, Zhangde Primary School and Gan Eng Seng Secondary School.

Future residents can look forward to enjoying the estate's unique mix of old- and new-world charms. One of Singapore's oldest residential neighbourhoods, Tiong Bahru exudes both nostalgia and trendiness through conserved Art Deco style shophouses, chic cafes and modern restaurants, all of which adds to the overall appeal of the neighbourhood.

A decision on the award of the tender will be publicised at a later date by URA after evaluation of the bids.

The above transaction is not expected to have any significant impact on the net tangible asset per share or earnings per share of Keppel Land Group for the financial year ending 31 December 2013.