CapitaLand China, a subsidiary of CapitaLand, has acquired a prime residential site in Ningbo for S$232 million.
Located in Sunjia, Jiangbei District, the site measures 57,369 sq m and was secured in a government land tender.
The developer plans to build about 1,100 units of small and medium-sized units catering to first-time home buyers and upgraders.
Construction is expected to begin in the third quarter of this year with the first phase targeted for launch in 2015.
The site is a short 15-minute drive from two other CapitaLand projects – Raffles City Ningbo and Summit Residences.
Opened in 2012, Raffles City Ningbo is a mixed-use development while Phase 2 of Summit Residences was launched at the end of 2013.
Jason Leow, CEO of CapitaLand China, said: “Ningbo is China’s second-largest port with residents’ disposable income that is comparable to Shanghai’s.”
“As a rapidly-growing second-tier city, Ningbo belongs to one of the five city clusters that CapitaLand is focused on, namely Shanghai/Hangzhou/Suzhou/Ningbo, Beijing/Tianjin, Guangzhou/Shenzhen, Chengdu/Chongqing, and Wuhan.”
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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