Keppel Land China to acquire Guangzhou mixed-use development for $18m

Source: Picture of Westmin Plaza, Liwan District, Guangzhou, China (DiChanDaDang, JLL China's Online Real Estate Listings Platform)

Keppel Land China Limited, a subsidiary of SGX-listed Keppel Corporation Limited, has entered into an agreement with Topchain Group to acquire a 30 per cent stake in WinUp Global that owns the Westmin Plaza, a mixed office-cum-retail development in Liwan District, Guangzhou, China.

The acquisition price is approximately HK$141.40 million ($18.04 million) comprising cash and shareholder loans as of September 23, 2019. The remaining 70 per cent stake will be held by Topchain.

Westmin Plaza comprises of three storeys of retail space and 14 storeys of office space spanning a total of 42,533 sq m in gross floor area. It is situated in close proximity to the Ximekou Metro Station, and the office submarket of Yuexiu District, which houses various institutions, government offices, local and international companies.

Westmin Plaza is also located in the heart of the Guangdong–Hong Kong–Macao Greater Bay Area that has been identified by the Chinese government as one of the three major urban clusters for the implementation of innovation-driven development.

Keppel Land China president Ben Lee said, “This acquisition is in line with Keppel Land China’s strategy to grow its commercial portfolio in China, with a focus on first-tier cities. It also marks our maiden entry into Guangzhou, one of the cities with the fastest economic growth in China.”

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.