Keppel Land, the property arm of Singapore's multinational company Keppel Corporation, is betting on the accelerating urbanization trend in China to create new sources of growth.

The property firm said China is one of the key markets in its global strategy and the market where it has, has some of the most comprehensive and complete business except from Singapore.

"China is currently undergoing rapid urbanization. Whether it is in emerging cities or for existing projects, there is tremendous development potential," said Wong Liang-Kit, president of Keppel Land China.

The company is transforming from the traditional business of property development to new areas of smart city, senior living and sustainable urban renewal.

Take sustainable urban renewal for example, China's green drive to fulfill its dual carbon goals of peaking carbon emissions by 2030 and achieving carbon neutrality by 2060 has created a large demand for renovation in existing building projects.

"By renovating existing buildings, we can not only revitalize the assets, but also improve the experience and productivity of tenants. It will also help all stakeholders to achieve their 'dual carbon' and ESG (environmental, social, and governance) goals and create a win-win result," Huang Wei, who oversees sustainable urban renewal business in Keppel Land China, said.

"By helping the commercial property sector save energy and enhance efficiency... we hope to make contributions to sustainable urbanization in China."

Wong said he is positive over the prospect of the Chinese market, as the reform that is going on in the Chinese property sector will lead the industry onto a more stable and healthier path.

Geographically, the company will focus on developing business into four regions in the country -- Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area and Chengdu-Chongqing, he said.

The Singaporean firm entered the Chinese market in 1992. It is now operating diversified business in the country including residential developments, commercial properties, retail and integrated townships.