Keppel Land China, a real estate properties developer and unit of Singapore-based Keppel Corp., plans to buy an 11-storey office building in Haidian district, Beijing, for 555 million yuan ($80.8 million).
The property consists 8,532 square meters, nine storeys of office space, 2,104 square meters, two storeys of retail space and 23 car parking spaces.
Keppel Land, which is making the acquisition through its wholly-owned subsidiary, Tosalco,will buy the property from A Li Yun Shan (Beijing) Business Consulting Co.
The company said that the transaction is consistent with its strategy to develop its commercial portfolio in first-tier cities in China.