But it remains steadfast in being the proxy to S'pore property market
Active in Korea: Besides the 5-star Millennium Seoul Hilton Hotel, CDL developed and sold 3 commercial projects. It's set to embark on a commercial project in Incheon CITY Developments Ltd (CDL) is looking for opportunities to expand to regional markets like Korea, and could be seeking new partners in the process.
CDL announced earlier this month that it had signed a memorandum of understanding with Korea's DC Chemical Company Limited (DCC) to develop a large scale integrated commercial centre in Incheon, Korea.
CDL also said that it was looking to invest between US$150 million and US$300 million in equity in the development together with 'affiliates'.
CDL declined to name its affiliates, but a possible partner could be the Dubai investment company, Istithmar.
In June, CDL and Isthimar each took 40 per cent stakes in Tune Hospitality Investments to develop 30 budget hotels across South-east Asia.
It was also reported earlier that Istithmar is planning to buy Asian property assets worth at least US$250 million and expects its real estate portfolio in the region to double in size by year end.
A spokesman for CDL said that the group already has overseas investments either directly or through joint ventures, foreign real estate funds and its hotel investment, and will continue to explore property investments overseas.
It added that it has 'mobilised its resources to focus on those markets that it knows best'.
CDL is already active in Korea. Besides the five-star Millennium Seoul Hilton Hotel, it developed and sold three commercial projects there. Other non-hospitality projects in Asia include the Umeda Pacific Building in Osaka and The Exchange Tower in Bangkok.
The Incheon site that it is eyeing measures 1.55 million sq m and is mostly owned by DCC and its affiliates.
DCC is a producer of carbon black, soda ash and pitch.
The anchor facility on the 1.55 million sq m site is an integrated commercial centre on a 281,850 sq m parcel of land which will comprise a five-star hotel, a Grade-A office tower, a serviced residence, a retail podium and other mixed-use facilities.
CDL said that another 380,000 sq m parcel of land north of the integrated commercial centre has been slated for residential development.
Development work is scheduled to begin in 2009.
Although the property developer is looking overseas, CDL's spokesman said: 'Given the strong rising domestic market, the group remains steadfast to its strategy of being the proxy to the Singapore property market.'
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