CDL China acquires site in Chongqing

CDL China Ltd, a wholly-owned subsidiary and the China division of Singapore’s City Developments Limited (CDL), has acquired its third site in the past 13 months.

The land is located in the southwestern city of Chongqing and has a gross floor area of approximately 1.2 million square feet.

CDL said it is zoned for residential and commercial purposes. The company plans to build 900 residential units and a commercial complex on the property.

The land parcel was acquired through a government land tender held on 4 January 2012, for RMB 540 million, or about S$111 million.

CEO of CDL China, Sherman Kwek, said Chongqing will remain the company’s top investment destination due to its growing population and China’s expanding economy.

CDL will continue its “strategy of having well-located projects in key Tier 1 and Tier 2 cities in China that will help to cement CDL’s reputation as a premier developer in China,” said Mr Kwek.

Source : Channel NewsAsia – 5 Jan 2012

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