Former DBS Land CEO Han Cheng Fong has announced his decision to develop a 3.1 million sq ft mixed commercial project on his own in China.
“This is the first project I am doing on my own,” he said. “In the past, I have worked for fairly large companies, with a lot of financial resources, a lot of manpower resource, so it was not as difficult as doing something like this on my own.”
His new firm will see the development of a site in Chengdu’s Qing Yang district, comprising four towers with a total gross floor area (GFA) of 840,000 sq ft. It will comprise office space and some retail shops, as well as a five-star hotel with over 300 rooms.
According to Dr Han, the entire project will have a market value of between 1.35 billion yuan to 1.5 billion yuan (S$275 million to S$306 million) after its completion in 2013.
His firm, Brilliance International Investment, acquired the site from the state-owned China Railway Group in 2010.
He said that the firm will start selling the strata-titled shops and offices by mid 2012, adding that it plans to retain the five-star business and tourist hotel for investment.
Dr Han also announced that the group is seeking more sites to acquire in China’s second- and third-tier cities.
He remains positive on the property market outlook in China despite the impact of property measures on market demand, particularly in the residential sector.
“I think any time is a good time to go into China. It is a growing country,” said Dr Han.
“The policy environment may not be conducive at this point in time but if I wait until the time is exactly right, then the opportunities will fly past me.”
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