CapitaLand buys stake in Chengdu sites for S$155m

Southeast Asia’s largest developer CapitaLand has bought a 60 per cent interest in two adjacent prime residential sites in the western Chinese city of Chengdu for 752 million yuan (about S$155 million), further strengthening its presence in the world’s most populous country.

CapitaLand plans to build around 4,600 apartment units on the sites to cater to first-time homebuyers and upgraders. Construction is expected to begin in the second quarter, with the first phase targeted for launch by end 2014.

“Chengdu is a leading city in China and displays tremendous growth potential arising from rapid urbanisation and China’s ‘Go West’ economic strategy,” the Singapore firm’s China CEO Jason Leow said in a statement on Friday.

CapitaLand said it expects good demand for its latest project as previous developments in Chengdu had been well received.

It added that the sites are located in a mature, good class residential area that 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, which is a top draw for future buyers.

Source : Channel NewsAsia – 28 Mar 2014

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