Stocks News: Keppel Land joint venture with Magus Estates!

Property developer Keppel Land Ltd said it has formed a joint venture with Magus Estates and Hotels Pvt Ltd to buy a 25-acre site in Calcutta, which has been targeted for residential development, for 715 mln rupees. The joint venture, 74-pct owned by Keppel Land and 26 pct-owned by Magus, will buy the property from West Bengal Housing Infrastructure Development Corp Ltd, it said. The company said it intends to develop the site into a high-rise condominium with about 1,670 homes by mid-2011. "Our entry into Kolkata (Calcutta) is an important milestone in Keppel Land's road map for India ... Including our two condominium projects in Bangalore, we will have a pipeline of about 4,500 quality homes to be released in India over the next three to four years to meet growing demand," Keppel Land director for regional investments Ang Wee Gee said in a statement. Meanwhile, Keppel Land said the acquisition of the residential site comes with an allocation of 13-acre IT park land, in which it will have a small stake.