CapitaLand has announced that its China unit, CapitaLand China Holdings, along with two Hong Kong-based partners, will develop 7,800 low-density and high-rise homes in a 575,787 sq m waterfront site in Panyu District in Guangzhou, China.
The site, which is located along the Pearl River, has a potential gross floor area (GFA) of 1,108,455 sq m and is situated in a scenic one-kilometre water frontage. CapitaLand China and its partners plan to develop the site into waterfront homes targeted at the mid- to high-mid segments of the market. It will also feature retail, fitness and recreational facilities, as well as three schools.
“We are pleased to be able to develop a range of home dwellings tailored for the middle to upper-middle income residents of Guangzhou,” said Mr. Jason Leow, Chief Executive of CapitaLand China Holdings. “With a potential GFA of over one million sq m, the site is another opportunity to significantly extend our development portfolio in China.”
He added that the “site will add to our development portfolio, bringing it to a total of approximately 23,000 homes.”