Property giant CapitaLand has purchased a 60 percent stake in two adjacent prime residential sites in Chengdu for RMB752 million (approx. S$155 million). The acquisition further strengthens its presence in China.
The plan is to build around 4,600 apartments on the sites catering to first-time homebuyers and upgraders.
Construction is expected to begin sometime next quarter with the first phase targeted to launch by end-2014.
The project is located in a mature, good class residential area and is well served by main roads and a metro line.
The sites are also located next to No. 7 Middle School, one of China’s top secondary schools, a big draw for future buyers.
Strong interest is predicted for the project based on the track record of CapitaLand’s other residential projects in the city, which have been very well-received by the local community.
Jason Leow, CEO of CapitaLand China, said: “Chengdu is a leading city in China and displays tremendous growth potential arising from rapid urbanisation and China’s “Go West” economic strategy.”
He added: “CapitaLand continues to be confident of the potential of the Chinese market and this acquisition is in line with its strategy of strengthening and deepening its presence in China through the five city clusters, including Chengdu.”
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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