SINGAPORE: Singapore's Keppel Land Ltd and China Vanke Co Ltd are joining hands to develop properties in both countries.
The first joint venture will see China's second largest developer Vanke pay S$135.5 million to Keppel Land for a 30 per cent stake in a condominium project in Tanah Merah.
The 726-unit project on a 3.2-hectare site in Tanah Merah should be launched in the second half of the year.
Keppel Land said the joint venture isn't expected to make any material impact on its financial performance for the current financial year.
Keppel Land, which develops mainly offices and residential property, won a government land tender for the Tanah Merah site with a S$434.6 million bid in October.