It will develop two premium freehold condominium projects.
Keppel Land Limited’s wholly-owned subsidiaries, Valicour Pte. Ltd. and Topalle Pte. Ltd., has entered into a conditional joint venture agreement with Thai property developer KPN Land Co., Ltd to acquire two prime sites in Bangkok’s central business district for $90.61m (THB2.2b).
Keppel Land is a subsidiary of Keppel Corporation.
According to a press release, Keppel and KPN will jointly manage the development of the two land lots into two premium freehold condominium projects.
Keppel Land will hold 49% stake while KPN Land will hold the remaining 51%.
"We continue to seek opportunities in the Bangkok real estate market and are confident of the potential of Thailand's property market, especially in Bangkok, which is benefitting from increasing urbanisation, a growing middle class as well as improving infrastructure,” said Keppel Land CEO Ang Wee Gee.
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