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Keppel Land will purchase a 75 percent stake in Array Holdings, a company specialising in the development, management and marketing/leasing of retail malls.
Array’s clients include real estate funds and property owners in Singapore and across the region. In fact, its executives have played key roles in the development or management of about three million sq ft of retail space over the years, such as those in Liang Court, White Sands, Hougang Mall, Tampines One, Heartland Mall, Century Square, Tiong Bahru Plaza and Jurong Point Shopping Centre. This means, it has overseen one of the largest retail portfolios in Singapore.
Additionally, its CEO Michael Leong has over 30 years of experience in the real estate industry with a focus on Asia’s retail property scene. He will continue to lead his team of more than 20 professionals, while Array will continue to hold the remaining 25 percent stake.
The transaction is expected to be completed in January 2015.
Commenting on the deal, Keppel Land’s CEO Ang Wee Gee, said: “This partnership will strengthen Keppel Land’s commercial expertise. The Company will also leverage Array’s experience and network to capture opportunities in retail and mixed-use projects both locally and abroad.”
Meanwhile, Keppel Land plans to expand its mixed-use developments in Vietnam and the Philippines, namely the 37-storey office tower in Saigon Centre Phase Two in Ho Chi Minh City and the 42-storey office building and retail mall extension of the SM-KL Tower project in Manila.
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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