CapitaLand has acquired a residential site in Hangzhou for S$213.27 million (RMB1,113.98 million) in government land tender.
This translates to about S$2,662.35 per square metre per plot ratio.
The 32,040-square-metre residential site is located in Hangzhou’s Gongshu District and has an approved gross floor area of 80,105 square metres.
CapitaLand said it plans to build an estimated 700 units of mid- to high-end homes on the site and is targeting to launch the first phase in 2013.
This latest acquisition will be CapitaLand’s fourth development in Hangzhou since it first entered that market in 2006.
CapitaLand China Holdings CEO Jason Leow said the acquisition reiterates CapitaLand’s determination to expand its footprint in Hangzhou.
“CapitaLand has been closely linked to China’s urbanisation process since the group entered the country 17 years ago.
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,” Mr Leow said.
The site is located four kilometres away from the Wulin Square city centre and five kilometres away from the scenic West Lake.
Source : Channel NewsAsia – 16 Aug 2011