A team of officials from Keppel Land, the property arm of the Keppel Corporation, Singapore, one of Asia’s premier property companies, has visited several Sri Lankan blue chips last week, including, Hayleys PLC, Aitken Spence and John Keells, The Bottom Line learns.According to sources, Keppel Land seems to be very much interested in property development prospects in Sri Lanka and is in the hunt for recognised conglomerates to establish partnerships in order to engage in property developments, both residential and commercial.
According to the firm’s website, set up in 1890, Keppel Land is one of Asia’s premier property companies, recognised for its sterling portfolio of award-winning residential developments and investment grade commercial properties, and high standards of corporate governance and transparency. It is also one of the largest listed property companies by total gross assets on the Singapore Exchange. Its total gross assets amounted to $6.6 billion as at end-June 2010.
Even though the entrance of firms like Keppel Land to Sri Lanka in the post-war scenario is obviously a positive development, it is not clear whether the country’s policy-front is ready to facilitate companies of such calibre.
Number of foreign and local companies who were interested in property development in Colombo have failed to do so or were compelled to abandon the idea due to the lack of land available for property development, as nearly 50 percent of the lands within the Colombo city limits is owned by the government.
Keppel Land is geographically diversified in Asia, with current focus on Singapore, China, India, Vietnam and Indonesia. The company has a strategic focus on two core businesses of property development and property fund management. The firm is also well known for its landmark developments such as Ocean Financial Centre and Marina Bay Financial Centre in the Central Business District (CBD).
