CapitaLand sells about 60% of units in Beijing residential project

CapitaLand said that its China unit sold, over the Christmas weekend, more than half of the units in a high-end residential project recently launched for sale in Beijing.

A tower comprising of 220 units at the Beaufort condominium was released for sale on Christmas day. “To date, about 60 per cent of the units have been sold,” CapitaLand, which counts on China for about a fifth of its sales, said in a statement.

CapitaLand said the units were sold at an average price of around S$7,500 per square metre, which works out to between S$450,000 and S$802,000 for the studio, one and two-bedroom apartments put on sale.

This was Beaufort’s phase-two launch after a successful phase-one earlier this year, in which all the 467 units of another tower were sold at an average price of S$5,600 per square metre. Beaufort will eventually have a total of four residential towers with 1,027 high-end apartments.

CapitaLand said that to-date, the total sales value achieved for the two phases amount to about S$252 million.

CapitaLand China plans to launch the remaining two residential towers at Beaufort in the second half of next year. Through 2011, it expects to launch for sale about 4,000 homes across the mainland.

Jason Leow, chief executive of CapitaLand China said that demand in China’s residential sector remains strong, and is supported by genuine homebuyers and robust fundamentals of the world’s second-largest economy.

Source : Channel NewsAsia – 28 Dec 2010

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