CDL China, a property arm of City Developments Limited (CDL) in China, has acquired a development site in Chongqing, China through a government land auction for around 232 million yuan (S$45.7 million).
The site, which is located next to the historic Eling Park, comprises two adjacent plots with a total site area of 27,200 sq m. CDL China is planning to develop the site into an ultra luxurious low-rise residential development comprising of townhouses, villas and duplexes.
Sherman Kwek, chief executive of CDL China, said that with the company’s green philosophy, the new project will be designed and constructed with environmental sustainability in mind.
“We will focus on implementing green innovation and technology, making it an environmentally conscious project,” said Mr. Kwek. “We will be sensitive to the target market’s requirements and also ensure that the development helps to redefine Chongqing’s skyline.”
The company said the site boasts panoramic views of Yuzhong District, particularly the Yangtze River. It added that the property market in Chongqing is well supported by a growing population and strong demand.
Construction work on the new project is expected to commence next year.