Keppel Land acquires 75% stake in Array

Keppel Land, one of Asia’s premier property companies, has acquired a 75% in Array Real Estate for a total consideration of S$4.5 million (US$3.5 million).

The acquisition was made through Keppel Land’s wholly-owned subsidiary, Straits Property Management (SPM).

The remaining 25% stake will continue to be held by Hong Kong incorporated Array Holdings; and Array Real Estate will now function as a joint venture between SPM and Array Holdings.

Given the strengths and portfolios of the parties concerned, the acquisition will result in one of the largest retail portfolios in Singapore.

Array also has a strong track record in the development, management and marketing/leasing of retail malls, and its partnership will strengthen Keppel Land’s commercial expertise. Ang Wee Gee, Keppel Land’s CEO, said the company will leverage Array’s experience and network to capture opportunities in retail and mixed-use projects both in Singapore and abroad.

Array’s clients include property owners and property funds in Singapore and the region, and its senior management team has played key roles in the development and/or mall management of some three million sqf of retail space. These include Jurong Point Shopping Centre, Heartland Mall, Century Square, Tampines One, Hougang Mall, Tiong Bahru Plaza, White Sands, Liang Court and Taimall in Taiwan.

Singapore-based Keppel Land has developed several large-scale projects, including Marina Bay Financial Centre and Ocean Financial Centre, and is committed to growing its commercial portfolio in Asia’s major cities.

Its portfolio of commercial properties outside of Singapore includes Season City in the Sino-Singapore Tianjin Eco- City, a Grade A office development in Singapore-based Keppel Land has developed several large-scale projects, including Marina Bay Financial Centre and Ocean Financial Centre, and is committed to growing its commercial portfolio in Asia’s major cities. Beijing, a retail mall Life Hub@Jinqiao in Shanghai, Saigon Centre in Ho Chi Minh City, and International Financial Centre in Jakarta.

The company also plans to develop Park Avenue Central in Shanghai into a retail-cum-offi ce complex, and expand the SM-Keppel Land development in the Philippines with a Phase 2 development that includes an office building and an expansion of the existing retail component.