Chang De Investment Private Ltd, a wholly-owned subsidiary of Tiong Seng Holdings, has successfully submitted the highest bid of RMB382 million for a residential site in Suzhou, China, which is planned for a new high-end property development.
Located in the Suzhou New District Xu Shu Guan Development Zone, the site is zoned for residential use and has a total land area of 85,510 sq m with a leasehold period of 70 years.
The group plans to develop luxury condominium apartments and high-end low-rise properties on the plot, which can potentially yield around 880 housing units.
“This will be our third development in Suzhou, our last project being back in 2006. We are extremely happy to have the opportunity to work on another prestigious development in Suzhou,” said Pek Lian Guan, Chief Executive of Tiong Seng Holdings.
“This development will allow us to incorporate our quality, sustainability and safety standards and construction technologies in the design and construction of the project. We look forward to the commencement of this project later this year.”
The transfer of the land use rights for the development of the residential land plot is set towards the end of August 2011, upon full payment of the purchase price.
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