CapitaLand, through its subsidiary CapitaValue Homes Limited, has acquired its second residential site in Pudong, Shanghai for RMB166.29 million (approximately S$33.26 million).
The 36,920 sq m land parcel will be developed into some 700 value homes and offer 15,000 sq m of commercial space.
Located in the town of Wanxiang in Lingang New City, the site was purchased through a government tender by CapitaValue Homes and Shanghai Lingang Wanxiang Economic Development (WED), a local state-owned enterprise.
The new development will comprise value homes averaging 90 sq m each, mainly bare-shell apartments with functional layouts. There will also be basic facilities for community activities as well as lush landscaping.
In addition, the site is close to the central business district (CBD), Pudong International Airport and major expressways.
The project is expected to boost CapitaValue Homes’ China pipeline to about 6,300 value homes. With another two projects in Vietnam, the company’s growth in Asia has reached 8,000 units.
“The Central Government’s sustained effort to curb speculation and encourage first-time home buyers and real demand also provide opportunities for the development of value housing. Given China’s continued urbanisation, we are confident in the prospects of value housing in China,” said Chen Lian Pang, CEO of CapitaValue Homes.
Source : PropertyGuru – 18 Oct 2012