Yanlord snaps up two prime sites in Suzhou City for $753.7m

The two parcels have a total GFA of 106,232 sqm.

As it augmented its existing initiatives within the Suzhou real estate market, Singapore mainboard-listed real estate developer Yanlord Group Ltd. acquired two prime residential development sites in the city.

According to the statement filed by the group in SGX, its wholly-owned subsidiary, Nanjing Renyuan Investment Co., Ltd., successfully acquired the two sites with a total gross floor area (GFA) of 106,232 sqm in the historic Suzhou city for $753.7 million (RMB 3.693bn) in two public land auctions.

The first site has a GFA of approximately 53,863 sqm and has connectivity via key thoroughfares and the city’s metro line route 1.The site was acquired for approximately $422.1 million (RMB2.067bn.).

Meanwhile, the second site has a 52,369 sqm GFA, and is located within Suzhou’s focal school district.

Yanlord CEO Zhong Sheng Jian said this would drive demand for residential places up as the place has not seen enough high-end residential developments.

"Capitalising on our track record for developing prime residential developments, these latest acquisitions provides a unique opportunity for Yanlord to augment our existing initiatives within the Suzhou real estate market and further expand our prime development land bank within the core region of Suzhou city,” Zhong said.