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