Lippo Karawaci acquired S$329 million Singapore property

The largest property company listed at Jakarta Stock Exchange PT Lippo Karawaci Tbk acquired a 159,075 ft site in Kim Seng Road, Singapore, at S$329 million, far above its book value at S$59 million.

According to Straits Times (April 11), Lippo bought the site from OCBC Bank. Lippo is also a hot favourite to buy OCBC's shares in retailer Robinson. Lippo Karawaci's market cap by the end of 2005 was US$540 million.

Lippo's competitor in the Robinson deal is PT Mitra Adi Perkasa (MAPI) Tbk, a listed retailer owned by Boyke Gozali and Sjamsul Nursalim.

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