Singapore Land acquires residential site in China for S$34.4m

Singapore Land has bought a residential site in China for 175 million renminbi (S$34.4 million).

The site in Chengdu has a lease of 70 years and can be developed into high-end residential apartments.

It spans 7,600 square metres and has a plot ratio of 7. SingLand says the acquisition and development of the site will be financed by internal funds and bank borrowings.

It is not expected to have a material impact on the company’s net tangible assets or earnings this year.

Source: Channel NewsAsia, 11 December 2006 

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