Copy Link
Keppel Ltd. (“Keppel”), a global asset manager and operator, announced that private funds under Keppel's Sustainable Urban Renewal (“SUR”) strategy are acquiring a 100% interest in the Grade A office component of Jem (the “Property”), an integrated development in the Jurong Lake District of Singapore. The aggregate consideration for the transaction is S$462 million.
Keppel’s SUR strategy invests in value-add real estate opportunities with the goal of decarbonising the built environment, while delivering attractive risk-adjusted returns to limited partners. In April 2025, Keppel secured S$760 million in new capital commitments for its SUR strategy, including from one of Europe’s largest pension funds, bringing the strategy’s cumulative Funds under Management[1] (“FUM”) to approximately S$4.3 billion[2].
Ms Bridget Lee, Chief Investment Officer, Real Estate, Keppel, said, “Keppel’s SUR strategy continues to gain traction among global investors, underscoring the rising demand for more environmentally efficient urban renewal solutions in gateway cities across Asia Pacific such as Singapore. The addition of Jem’s office component into the SUR strategy portfolio will position it well to benefit from the growth prospects of the Jurong Lake District, while leveraging Keppel’s proven expertise in strategic asset enhancement to support the tenant’s spatial and sustainability requirements. We are committed to enhancing the value of the asset to generate attractive returns.”
The Property is fully leased to the Ministry of National Development of Singapore. To enhance value and drive investor returns, Keppel will explore undertaking targeted upgrading works aimed at reducing the Property’s energy use intensity, in line with the SUR strategy’s decarbonisation goals.
Completed in 2014, the Property has a net lettable area of 311,217 sf across 12 storeys above the retail mall of Jem. Strategically located in the Jurong Gateway precinct, the commercial core of Jurong Lake District, the Property is well-positioned to benefit from the Singapore government’s plans for Jurong to be a key node in the country’s decentralisation strategy.
The Property is directly linked to the Jurong East MRT station and within a short walking distance of the Jurong East Bus Interchange. It is also well-served by major expressways, providing seamless access to other parts of Singapore. Connectivity will be further enhanced by the upcoming Jurong Region Line, which is scheduled for phased completion between 2027 and 2029.
The above-mentioned acquisition is not expected to have any material impact on the earnings per share and net tangible assets per share of Keppel Ltd. for the current financial year.
- END -
About Keppel
Keppel Ltd. (SGX:BN4) is a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Headquartered in Singapore, Keppel operates in more than 20 countries worldwide, providing critical infrastructure and services for renewables, clean energy, decarbonisation, sustainable urban renewal and digital connectivity. Keppel creates value for investors and stakeholders through its quality investment platforms and diverse asset portfolios, including private funds and listed real estate and business trusts.
[1] Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested FUM.
[2] The FUM of S$4.3 billion includes the commitment from the European pension fund and previous funds’ closings.
The information behind this electronic gatepost (the “Information”) is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities in the Fund. The securities have not been, and will not be registered under the U.S. Securities Act 1933, as amended (the “Securities Act”) and may not be offered or sold within the United States, except pursuant to an exemption from, or transactions not subject to, the registration requirements of the Securities Act. Neither this notice nor any portion of the Information may be sent or transmitted into the United States or any jurisdiction where to do so is unlawful. Any failure to comply with these restrictions may constitute a violation of the United States securities law or the securities laws of any such other jurisdiction.
By clicking on the “I Agree” button below, you will have acknowledged the foregoing restrictions and represented that you are not accessing the Information from any restricted jurisdiction including the United States, it is lawful for you to assess the Information, and you have read, and understand and agree to comply with the restrictions set forth above.
Keppel Ltd., its subsidiaries and affiliates do not accept any responsibility for any contravention of applicable securities laws and regulations by any person as a result of any false acknowledgement provided by such person.
