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Keppel Corporation and Keppel Land Limited has acquired from Mapletree Investments the remaining 30 percent interest in Harbourfront One Pte Ltd for S$180.9 million, to take full ownership of Keppel Bay Tower (pictured).
This is part of a share swap deal whereby Keppel Corp and Keppel Land’s 39 percent interest in Harbourfront Two Pte Ltd was previously sold to Mapletree for around S$225.7 million.
Harbourfront Two Pte Ltd is the owner of Harbourfront Towers 1 and 2.
“The share swap will allow Keppel Group to increase its interest in Keppel Bay Tower from the current 70 percent to 100 percent, thus consolidating our full ownership of the building,” said Loh Chin Hua, CEO of Keppel Corporation and Chairman of Keppel Land.
Keppel Bay Towers and Harbourfront Towers 1 and 2 were jointly developed by Keppel Group and Mapletree in 2002 as part of the Keppel Bay and Harbourfront developments.
Keppel Bay Tower and Harbourfront Tower 1 consists of 18-storey twin office buildings with floor areas ranging from 15,000 sq ft to 40,000 sq ft, while the Harbourfront Tower 2 is a smaller 16-storey office block with a floor plate of 11,000 sq ft. Collectively, these three properties offer 910,200 sq ft of quality office space.
Image source: Keppel Land
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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