Singapore property developer CapitaLand Ltd said its joint venture in China bought a residential site in the city of Chengdu in Sichuan province for 251.9 million yuan (US$32.2 million).
Capitaland said in a statement on Tuesday that the joint venture – Sichuan CapitaLand Zhixin – acquired the site through a government land tender.
Located in Wenjiang District, the site is set amidst a scenic ecological zone spanning 120 square kilometres, near the venue of the 6th China Flower Expo.
Covering 202,361 square metres, it lies beside the Jiang’an River, and is 20 minutes drive from Chengdu city centre, the statement said.
CapitaLand China Chief Executive Lim Ming Yan said CapitaLand and its joint-venture partner Chengdu Zhixin plan to build a landscaped riverfront project with about 1,600 residential units comprising low-rise garden apartments and terrace houses on the site.
The first phase of the development is due to be launched in the second quarter of 2007, and the entire development is expected to be completed by 2009, the company said.
Source: Channel NewsAsia, 26 December 2006