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Singapore Keppel To Launch Libeskind-Designed Homes 1Q 07

-21 November 2006-

SINGAPORE (Dow Jones)--A joint venture between Keppel Corp. (K02.SG) and Keppel Land Ltd. (K17.SG) Tuesday said it will launch a waterfront condominium project designed by U.S. architect Daniel Libeskind in the first quarter of 2007.

The 1,200-unit development will feature six high-rise towers, some linked by skybridges, and spacious low-rise villas, Keppel Bay Ltd. said at a briefing on its plans for the Keppel Bay area along Singapore's southern coast.

The area was once the site of a shipyard run by Keppel Corp., which owns 53% of Keppel Land, and is near the resort island of Sentosa where Singapore plans to build its second casino.

"Because it is his (Libeskind's) first residential development in Asia, we expect there will be strong interest," a Keppel Corp. spokeswoman said.

Libeskind, a Polish-born American citizen, designed the Jewish Museum in Berlin and was the architect chosen for Freedom Tower, which will be built on the site of the former World Trade Center in New York.

Keppel Bay, which is 70% owned by Keppel Corp. and 30% held by Keppel Land, didn't provide sketches of the proposed development, although it said it was confident of strong sales having "test marketed" the design to a wide range of potential foreign buyers.

The joint venture has a completed condominium development in the area called the Caribbean, and it is currently building a marina on Keppel Island, a small island across Keppel Bay, and a 245 meter-long road bridge that will connect Keppel Island to the mainland.

Following the launch of the Libeskind project, the joint venture will have three residential sites left in the area - two on the mainland which will be used for condominiums, and the remaining land on Keppel Island which will likely be used for luxury villas, Keppel Bay's general manager Tan Tai Chiew said.