Hillwest Pte Ltd, a wholly-owned subsidiary of Keppel Land, has acquired two prime land sites in Xinjin County and Jinjiang District in Chengdu for RMB617 million (S$127 million) and RMB1.21 billion (S$249 million), respectively.
The land acquisition in Xinjin County comprises of two sites with a combined land area of 25 hectares. The sites are in close proximity to Tianfu New City, which is poised to be the future CBD. The two sites will be jointly developed into a 250-unit villa project.
The Jinjiang District site, on the other hand, is located along the Second Ring Road in Jinjiang District. It is proposed to be developed into a high-rise apartment project that could yield up to 1,630 units.
Keppel Land said both developments are targeted at the upper-middle income segment, and the first phase is expected to be launched in the first half of 2012.
“The latest acquisitions are in line with our strategy to further strengthen our focus in China. Since 2002, Keppel Land has built up a strong reputation for its quality homes in Chengdu,” said Ang Wee Gee, executive vice chairman of Keppel Land China. “We are confident that the homes in these two prime sites will be much anticipated and will meet the surging demand brought about by Chengdu’s fast-track economic growth.”
He added: "Chengdu’s growth is well supported by strong fundamentals, increased foreign investments and rising affluence amidst a burgeoning population. These favourable conditions, coupled with a limited supply of prime sites in the city, augur well for our projects.”
Currently, the company has two developments in Chengdu, The Waterfront, which has been fully sold, and The Botanica, which has already sold more than 5,000 units over five phases since 2005.
In addition, Keppel Land has a total gross floor area of around 5.3 million sq m in China. This translates to over 40,000 homes in residential, waterfront and township developments across 10 cities. To date, over 14,000 homes have been sold.