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In Thailand, listed subsidiary Five Stars Property Public
Company sold its 157-unit serviced apartment Nana
Tai, and will pursue local residential development in
Bangkok.
In Australia, the Company sold its hotel-cum-retail
complex Crescent on Bayswater which is located in the
tourist area of Kings Cross in Sydney for $22 million.
Meanwhile, owners of 117 units under phase one of
Botanic Cove, a residential development in Sydney,
have settled into their homes. Phase two, comprising
118 apartments and townhouses, is presently under
construction and over 80% have been sold.
Looking Ahead
Singapore
Residential Launches
Buying interest has spilled into the higher-end segment
with the mass and mid-market segments continuing to
rally in early 2002. Recovery in the residential sector is
expected to take place in tandem with the anticipated
Singapore economic rebound in 2002.
Riding on a more positive market sentiment, Keppel
Land will selectively launch and re-launch several
residential projects in 2002. With a landbank totalling
2.3 million sf of attributable gross floor area in the
popular and prime districts, the Company is
well-placed to ride on the anticipated recovery.
New Offices
In Marina South, Keppel Land is developing for sale
and lease a new large-scale office development with
the proposed name of One Raffles Quay which
comprises two office towers - one 50-storey and one
29-storey. Situated along Singapore’s historic waterfront,
the development will become a new landmark with its
supporting infrastructure such as an underground retail
mall linked to the Raffles Place Mass Rapid Transit
station, a hub car park and a district cooling plant.
The 1.14 ha gateway site was awarded to Keppel Land
and its consortium partners Cheung Kong and
Hongkong Land in March 2001. Piling and main
contract works are scheduled to begin in June 2002.
Completion of the 1.3 million sf development is
expected in 2005.
Coming on stream sooner is the Harbourfront Office
Park comprising 18-storey twin office towers over a
podium, and the retrofitted former cable car tower
offering a total lettable area of 922,208 sf. The
buildings are expected to be ready by late 2002.
Keppel Corporations’ headquarters will relocate to
one tower named Keppel Bay Tower, which the
Keppel Group will eventually hold a 70% stake, while
ExxonMobil will have the naming rights for the second
tower as anchor tenant occupying more than 40% of
its space. The Keppel Group will hold a 39% stake in
the second tower and the former cable car tower.
Chairman’s Message
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