City Developments Limited China, a wholly-owned subsidiary of City Developments Limited has successfully acquired a 4.5-hectare site in Suzhou, China with a permissible gross floor area (GFA) of approximately 3.2 million square feet.
CDL China will construct 750 high-end residential apartments, an office tower, a retail mall and a luxury hotel on the site located in the heart of Suzhou Industrial Park (SIP).
The land parcel was acquired via a government land tender held on July 27 for 886 million yuan or S$167 million. This works out to a per plot ratio of 3,000 yuan per square metre (psm).
Discussions are in progress with government-owned Genway Housing Development to develop the project.
Sherman Kwek, CEO of CDL China, said Suzhou’s economy and real estate market will continue to expand. He said it was within the company’s strategy to create a world-class project in a city-centre location like Suzhou, which is in close proximity to the financial centre of Shanghai.
Source : Channel NewsAsia – 28 Jul 2011