Southeast Asia’s largest real estate company, CapitaLand, through its wholly-owned subsidiary CapitaLand China Holdings, has acquired a 32,040 sq m prime residential site in Hangzhou’s Gongshu District in China for RMB1,113.98 million (S$213.27 million), which translates to around RMB13,906 (S$2,662.35) psf ppr.
The company said the site will be used to develop 700 mid- to high-end homes, with the launch of the first phase expected in 2013. The acquisition will be CapitaLand’s fourth in Hangzhou since it first entered the market in 2006.
“CapitaLand has been closely linked to China’s urbanisation process since the group entered the country 17 years ago,” said Jason Leow, CEO of CapitaLand China Holdings. “Our latest land acquisition reiterates CapitaLand’s determination to expand our footprint in Hangzhou.”
Located within Hangzhou’s upcoming Grand Canal central business district, the site has an approved gross floor area (GFA) of 80,105 sq m, enjoys scenic waterfront views and is surrounded by lush greenery. It is situated four kilometres away from the Wulin Square city centre and five kilometres away from the scenic West Lake. Nearby amenities include Xiaohe Ancient Street and Dadou Food Street, as well as supermarkets and universities.
“Hangzhou, one of the most established commercial centres in the Yangtze River Delta region, has maintained double-digit GDP growth over the past 20 years. Disposable income of urban residents has also achieved sustained growth of more than 10 percent in 2011. This translates to strong growth potential for the Hangzhou property market and CapitaLand is well-positioned to provide quality homes to the city’s residents,” said Leow.
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