Market and Operations
Review of Operations
Singapore
FINANCIAL AND DIVESTMENT INITIATIVES
In an innovative move in 2002, Keppel Land
successfully monetised the receivables from the
sale of three residential developments. The residential
developments are The Edgewater and Amaranda
Gardens, which were sold at the end of 2001, and
Butterworth 8, which was sold in early 2002. The
exercise allowed Keppel Land to bring forward cash
flows from the three projects and strengthened its
balance sheet by lowering gearing.
In early 2003, Keppel Land divested a freehold
31,312 sf site at Norfolk Road for a total cash
consideration of $26 million. The sale of this relatively
small residential site will enable the Group to focus
on the larger sites, where there is greater value to
be added. The sale will result in a write-back of
provision of about $6.6 million but will have no
material impact on the Group’s net tangible assets.
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Butterworth 8, one of the
three residential
developments in the
innovative monetisation
exercise, is a freehold
project which achieved
100% sales within a short
period from its launch
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RESIDENTIAL NEW LAUNCHES
Butterworth 8
Butterworth 8, a 216-unit condominium
development located in the Tanjong Katong vicinity,
was launched in January 2002. Capitalising on the
strong return in buying interest, the freehold project
achieved 100% sales within a short period following
its launch.
Butterworth 8 is within walking distance to the Paya
Lebar MRT station and is close to reputable schools
like Tao Nan Primary, Tanjong Katong Girls’,
Kong Hwa Primary and Chung Cheng High. It has
a full range of facilities including a 25-metre
swimming pool, barbecue pits on landscaped
grounds, jacuzzi, sauna, a fully-equipped gymnasium,
a tennis court and outdoor fitness stations.
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