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Keppel Land makes maiden US investment

The local real estate developer says it will invest about US$70 million (S$87 million) in a residential property located on the Upper East Side in Manhattan.

SINGAPORE: Keppel Land has made its maiden investment in the United States by taking a stake in a prime New York City residential development.

Keppel Land, one of Singapore's largest developers, said on Tuesday (July 29) that it will invest about US$70 million (S$87 million) in a residential property located on the Upper East Side in Manhattan. It will also comprise a retail component, and is a five-minute walk from office developments such as the Citigroup Building and the Metlife Building.

Macklowe Properties, the project's developer, is an established New York real estate developer with a portfolio that includes the Metropolitan Tower and 432 Park Avenue - the tallest residential building in the western hemisphere.

"Keppel Land will continue to invest opportunistically in key global cities with good growth potential, while remaining focused on Asia, with Singapore and China as our core markets," CEO Ang Wee Gee said in a statement.

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