Singapore-based Pidemco Land plans to target Hong Kong and Japan in a HK$10 billion spending spree following its takeover of DBS Land, according to an executive.
State-owned Pidemco will merge with DBS Land, Singapore's second-biggest developer, to create Southeast Asia's largest listed property company with assets of S$18 billion (about HK$80.3 billion).
The proposed merger, announced last week, is expected to be completed in the fourth quarter.
A Pidemco executive in Hong Kong, who asked not to be named, said the value of the post-merger entity's overseas assets would rise to HK$20 billion, or 30 per cent to 40 per cent of its total assets.
Besides Hong Kong and Japan, other investment targets including Shanghai, London, Sydney and the United States would be considered.
He said the group's billion-dollar investment in Hong Kong demonstrated its positive view of the SAR property market.