CDL China Limited (CDL China), a wholly-owned subsidiary and the China unit of property developer City Developments Limited (CDL), has acquired its third site in Chongqing, with a permissible gross floor area (GFA) of 1.2 million sq ft.
Located in the heart of the Yuzhong District in Chongqing, the site is zoned for 80 percent residential and 20 percent commercial purposes. It was acquired through a government land tender; CDL China offered RMB 540 million (S$112 million), or around RMB 4,968 psm, for the site.
“Chongqing remains one of our top investment destinations in China, mainly due to the dynamic nature of the city and its ever-growing population,” said Sherman Kwek, Chief Executive of CDL China.
“As this is the city where we acquired CDL’s first residential site in China in December 2010, it makes sense to follow up with further investments here so as to reap synergies and economies of scale in terms of our resources and construction efforts.”
The company said it plans to build a commercial complex and residential apartments comprising 900 units on the site.
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