The Chinese division of Singapore-listed City Developments Limited (CDL) has acquired its first development site in Chongqing, China, for 232 million yuan (about S$45 million).
CDL China, which was formed in August this year, was awarded the residential site at a government land auction last Wednesday.
CDL said the plot has a site area of more than 27,000 square metres, and is located on a historical area.
The firm intends to develop the site into a luxurious low-rise development comprising villas, duplexes and townhouses.
It expects construction to start next year and intends to build 150 units in the initial phase.
The developer said that Chongqing has grown significantly over the years.
Its gross domestic product for the first three quarters of this year grew by over 17 per cent, significantly higher than the national average which is under 10 per cent.
CDL said the real estate market in Chongqing is supported by both strong demand and a growing population.
Source : Channel NewsAsia – 17 Dec 2010