Keppel Land, the property arm of world's largest rig builder Keppel Corp, said its unit in China has secured a 21.5-hectare lakefront residential site in the country for 1.937 billion yuan ($303 million). The site, located in Binhu district in Wuxi of China's eastern Jiangsu province, will the fourth project for Keppel Land China in Wuxi.
"The proposed development will comprise low density homes such as villas, terraces, duplexes, as well as mid-rise units of mainly one to four-bedroom units with average sizes ranging from 60 to 330 square meters," the company said in a statement late on Friday. Keppel Land said the transaction was not expected to have any significant impact on the net tangible asset per share or earnings per share of the Keppel Land Group for the financial year ending 31 December 2011.