29 Jul '14, 12am

Singapore firm eyes Australia property portfolio: Singapore's City Developments Ltd and Australia's Stockland

Singapore's City Developments Ltd and Australia's Stockland Group Ltd are considering bidding for Leighton Holdings' US$7 billion (RM22 billion) (residential and commercial property portfolio, a leading Australian newspaper reported on Tuesday. Bids for the Leighton Properties business, which is expected to fetch up to US$470 million, are due on Thursday, the Australian Financial Review said, without citing any sources. The newspaper quoted Stockland Chief Executive Mark Steinert from a speech last week, where he said Stockland has A$3.3 billion (RM9.8 billion) invested in Queensland and it plans to invest at least another A$3 billion over the next five or six years. City Developments could not be contacted for comment, the newspaper said. – Reuters, July 29, 2014.

Full article: http://www.themalaysianinsider.com/business/article/singa...

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