Singapore's Keppel Land is looking to make another investment in Manila over the next year, said to be as big as its $300-million Podium venture with the SM group. Keppel Philippines Properties president Oh Lock Soon says as more multinationals move to Asia to take advantage of its young population, Manila has emerged as a 'choice city.'
Keppel Land, the property arm of Keppel Corp., holds a 40% stake in the development, while BDO and an associate company own the remaining stake. BDO is the banking unit of the SM Group.
“This development is significant because it is here where we hope to connect the Singapore and Philippine companies, whether it’s through retail collaborations in the mall or looking for local-owned or representative office spaces… We would like to make things easier for Singaporean companies,” she said, before adding that more Singaporean companies are expressing interest in entering the country.
Aside from the Podium, Mr. Tan expressed interest in doing more mixed-use developments in the country.
“We are very strong in mixed-use developments and I find [that because] of the traffic conditions here, this is probably the one thing we can try to scale more. Of course we can also do a bit of residential and so on, but I think mixed-use is something we can experiment with a bit more,” he said.
He added that they plan on focusing on Metro Manila first before branching out elsewhere in the Philippines.
“[There’s no specific location] yet because to get a large-scale [plot of land] like this is not easy…we will continue to look for such opportunities,” he said.