Keppel and co-investor take stake in residential site in Shanghai

Keppel Corp. and a co-investor have plans to acquire a 28.57 percent equity interest in a residential site in Jiading District in Shanghai from Gemdale Corp.

Keppel will contribute 50 percent of the capital in a joint-venture company, and the co-investor will contribute the remaining 50 percent toward the development of the 93,871-square-meter (1 million square foot) residential project.

The acquisition will be made through Keppel’s China Urban Development Investment Programme, which was established to invest in residential developments in gateway cities (Tier 1 and fast-growing Tier 2 cities) in China.

Reports estimate the acquisition to be worth RMB 344 million ($48.2 million).