CapitaLand sees overwhelming response to China condominium

Property developer CapitaLand on Tuesday said it has seen overwhelming response to its new condominium in Beijing, with 95 per cent of phase one units sold in just over two weeks.

The condominium, called the Beaufort, sits on a 53,808-square metre site and is located within walking distance to Beijing Chaoyang Park, one of China’s largest city parks.

An entire block, comprising 467 units, was launched for sale. The average launch price for the units was S$5,600 per square metre, with a total sales value amounting to over S$167 million.

Commenting on the Beaufort’s success, CEO of CapitaLand China Holdings, Jason Leow, said the Chinese government has introduced a slew of measures to ensure that the property market is developing at a sustainable pace.

When completed, the Beaufort will have a total of four residential blocks with 1,027 high-end apartments, comprising studios, and one- to four-bedroom units.

The entire development will be completed over three to five years, with the first residential block slated to be handed over to the homebuyers by 2011.

Source : Channel NewsAsia – 9 Feb 2010

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