Keppel Land China Limited, through its wholly-owned subsidiary Merryfield Investment Private Ltd, has acquired a 21.5 ha lakefront residential site in Wuxi, China for approximately RMB1.937 billion (S$368 million).
Keppel Land China said the site will be used for the development of 2,500 units, including commercial components. It marks the company’s fourth project in Wuxi.
“The site is a rare and coveted find in the mature and highly sought after residential enclave in the Binhu district. It is the last site available for development in the vicinity,” said Ang Wee Gee, Executive Vice Chairman of Keppel Land China.
“Having now secured this site at a good value, we will leverage on our strong market knowledge, development expertise, network and brand name in Wuxi to maximise the site’s potential. We are thus confident of drawing genuine home buyers who seek well-designed and managed residential estates.”
Located within Binhu District, the lakefront site is in an established high-end residential precinct which encompasses a national wetland park and the scenic Li Lake.
The proposed development for the site, which has an estimated gross floor area (GFA) of 322,905 sq m, will comprise low-density homes such as villas, duplexes and terraces, as well as mid-rise blocks of mainly one- to four-bedroom units with average sizes of 60 to 330 sq m. The development will also feature facilities such as a playground, gymnasium, swimming pool, clubhouse and landscaping.
“Keppel Land China will continue to seize opportunities to strengthen our portfolio and build up our repute to be a choice international developer among discerning homebuyers,” said Ang.
Keppel Land China said the launch of the first phase is expected in early 2013.
To contact the journalist, you may send your message to editor@propertyguru.com.sg