MELBOURNE Singapore's City Developments Ltd (CTDM.SI) and Australia's Stockland Group Ltd (SGP.AX) are considering bidding for Leighton Holdings' LEI.AX $7 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 A$500 million ($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 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.
($1 = 1.0635 Australian Dollars)