Source : The Business Times, September 19, 2007
SINGAPORE - Japan's Kajima Corp said on Wednesday that it will invest $450 million (US$297 million) with Lehman Bros to build a Singapore office building.
The 15-storey project would be Lehman's first direct property investment in Singapore, said a senior executive at the bank's global real estate group.
Related link - http://tinyurl.com/ytao8m
Kajima's news release
'There is strong appetite for real estate in Asia,' said Blake Olafson, senior vice-president of Lehman's global real estate group.
'We're expecting to spend $450 million including land cost,' said Daisuke Tanaka, vice-general manager property development told reporters.
This is the first direct investment in Singapore's real estate market by Lehman Bros.
Kajima Corp, which has a market capitalisation of US$3.8 billion, earned a net profit of 29.5 billion yen in its financial year ended March 31, 2007. -- REUTERS
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