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Thread: Keppel Land uses S$76m from rights issue to partly fund cost of condo devt

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    Default Keppel Land uses S$76m from rights issue to partly fund cost of condo devt

    http://www.channelnewsasia.com/stori...060619/1/.html

    Keppel Land uses S$76m from rights issue to partly fund cost of condo devt

    By Jonathan Peeris | Posted: 02 June 2010 1843 hrs


    SINGAPORE: Keppel Land said it has used about S$76 million of the net proceeds from its rights issue last year to fund a quarter of the cost to develop its newly acquired condominium site located at Boon Lay Way and Lakeside Drive.

    Keppel plans to develop about 550 homes at the site.

    These will include 1 to 4 bedroom units, as well as penthouses, ranging from 500 square feet to 1,400 square feet each.

    The project is currently in the design and development stage and is expected to be ready for launch by the end of this year and completed by 2013.

    Last year, Keppel Land raised S$700.6 million in net proceeds from a rights issue.

    Before Wednesday’s announcement, the firm has already used S$590.8 million of the proceeds from the rights issue.

    It added that it will make further announcements on SGX when the remaining proceeds of the rights issue are used. - CNA/vm

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    Default KepLand uses rights proceeds for Lakeside site

    http://www.businesstimes.com.sg/sub/...88755,00.html?

    Published June 3, 2010

    KepLand uses rights proceeds for Lakeside site


    KEPPEL Land said in an update yesterday that it has used another $75.8 million of the proceeds from its rights issue last year, which netted the developer a total of $700.6 million.

    KepLand, the property arm of Keppel Corporation, has now used $666.6 million of the proceeds from the rights issue.

    The latest amount will be used to fund a quarter of the cost of a 99-year leasehold residential plot near Lakeside MRT Station, which KepLand won in a government land tender last month. The property group put in the top bid of $303 million - or $499 per sq ft per plot ratio - for the site, trumping 13 other bidders.

    KepLand has said that it plans to develop a condominium with about 550 units - ranging from 500 sq ft to 1,400 sq ft - on the land parcel, which marked the developer's first acquisition of a pure residential site in Singapore in six years.

    The units will be in one-bedroom to four-bedroom configurations as well as penthouses. The project is expected to be launch ready by the end of this year and completed at the end of 2013, KepLand said last month.

    KepLand shares gained 2 cents to close at $3.46 yesterday.

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