Singapore Developer Yuexiu Property said yesterday that one of its units purchased land plot in China worth 544 million yuan or about 112 million Singapore dollars.
It said that 95 percent of its owned subsidiary acquired the land plot located in Zhongshan City in Guangdong province, China through a public land auction last week.
The said land has a site area of about 167,000 square metres with a total permissible gross floor area of about 418,000 square metres.
The property firm said the land was approved for commercial and residential use. About 84 percent of the space will be used for residential property, while the remaining 16 percent of the permissible gross floor area account for commercial use.
Yuexiu said that the acquisition of the Zhongshan site signifies an important move toward the company’s strategy of improving its real estate business.