Singapore firms eye real estate

Keppel Land Ltd, the property arm of Keppel Group of Singapore, the largest listed property company by total assets on the Singapore Exchange Securities Trading Ltd., is planning to invest in an integrated township in Kolkata.

A real estate and hospitality mission from Singapore told members of the Confederation of Indian Industry (CII) here today that the Kolkata project will be a joint venture preferably with a local company.

"It will cover over 25 acres," said Alan Tan, centre director, International Enterprise (IE), and first secretary commercial, Singapore High Commission.

"Our company is interested in investing in real estate funds in India and is currently at the discussion stage with companies like Fire Capital for investments of up to $10-$15 million in the course of the next six months," Tan Chew Kwee, director of Acres Ventures Ltd., commented.

Acres Ventures Private Limited is a boutique investment firm whose principal activities were property development in Singapore and Australia.

CPG Consultants, a subsidiary of CPG Corporation formed following corporatisation of Singapore Public Works Department which has set up an office and the Shangri La Hotel in Bangalore, was also looking for a partner to take up joint projects in Kolkata. CPG said it was interested in residential complexes.

Colin Low, business and asset development manager of the Ascott Group, said the company was keen to be the first to develop serviced apartment development projects in Kolkata.

"The Ascott Group is looking for partners to introduce such projects in Kolkata," Low stated.