Da Di Investment Pte Ltd, a wholly-owned subsidiary of Keppel Land Limited, acquired a 30.3 ha site in Shenyang, China for SGD180 million.

The waterfront site is located in the Hunnan New District, just a 20-minute drive from the city centre and 25-minute drive to Shenyang Taoxian International Airport.

Mr Ang Wee Gee, executive director and chief executive officer (International) of Keppel Land, said, “Shenyang’s economy has continued to grow strongly and the outlook for its property market is promising.

“Choice waterfront sites are few and select in Shenyang. With its connectivity and proximity to Shenyang’s Central Business District, we are confident that Keppel’s new site will be a coveted residential address.”

Plans are to develop the site into a residential township comprising about 6,000 waterfront apartments with some commercial components. The project is targeted at the upper-middle market and its first phase of 1,200 apartments is expected to launch in the second half of 2011.

The waterfront project is Keppel Land’s second township in Shenyang.