Keppel Land announces first stateside investment
Keppel Land has made its maiden investment in the United States with a prime residential development in New York City.
Located on the Upper East Side in Manhattan, the property will be developed by New York real estate developer Macklowe Properties, and will include a retail component.
"For our first investment in the US, we are partnering one of New York's top developers and will be able to tap on Macklowe's deep insights, rich experience and keen knowledge of the local market. With this prime property, we hope to meet the demand for well-located quality homes in one of the world's leading business and financial capitals," Ang Wee Gee, CEO of Keppel Land, said.
The property is located on the boundary of Upper East Side and Midtown East within walking distance to the subway station on Lexington Avenue and 59th Street, with access to amenities and entertainment options around Midtown Manhattan.
In a statement, Keppel Land said the residential market in Manhattan remains strong: "According to a Q2 2014 report by Douglas Elliman Real Estate, Manhattan faces a low inventory for condominiums. Listing inventory fell to a 14-year low of 4,164 units in Q4 2013 but rose by 18 percent year-on-year to 5,659 in the second quarter this year, which is still considered low for a highly competitive market."
The US$70 million investment will be managed by Keppel Land's fund management subsidiary, Alpha Investment Partners.
Ang added, "Keppel Land will continue to invest opportunistically in key global cities with good growth potential, while remaining focused on Asia, with Singapore and China as our core markets."
Image source: Wikimedia Commons/User: Alsandro
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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