Surbana buys residential site in Chengdu for US$105m

Surbana Corporation, jointly owned by Temasek (60 per cent) and CapitaLand (40 per cent), said it has acquired a residential site in Chengdu China, for about US$105 million. The 804,000 square feet site was purchased through a public auction.

Surbana said it will yield a potential gross floor area of over 300,000 square metres. This translates to about 3,200 apartments.

Construction is expected to start in middle of next year, while the sales launch is targeted for the earlier part of the following year.

Surbana said the site is located in the Swan Lake Area and is 15km south-east of the city centre.

This will be Surbana’s fifth residential project in China. In total, the five projects will yield about 57,000 residential units. Of this, Surbana has already sold over 12,500 units to-date.

Commenting on the Chengdu project, Surbana’s chief executive Puah Tze Shyang said it is targeted at the middle-income segment, which are mostly homeowners and therefore not expected to be overly affected by the government’s anti-speculation measures.

Source : Channel NewsAsia – 28 Jul 2011

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