Yuexia acquires Haizhu Nazhou Road land parcel for RMB2.46b

A sprawling 42,714 sqm residential site.

In a disclosure to the Singapore Exchange, the board of Directors (Board) of Yuexiu Property Company Limited (Company) is pleased to announce that, on 23 May 2013, the Company acquired a parcel of land located at Nanzhou Road, Haizhu District, Guangzhou City, Guangdong Province (Haizhu Nanzhou Road Land Parcel) by way of open tender through its 95.48%-owned subsidiary for a consideration of RMB2,460,910,000.

The Directors consider that the Company’s landbank in Guangzhou City has reached 6.33 million sq.m. after acquisition of the Haizhu Nanzhou Road Land Parcel, further strengthening the Company’s strategic presence in Guangzhou headquarter and well optimizing the Company’s brand advantage in Guangzhou City.

Here are the complete details on the land parcel:

Haizhu Nanzhou Road Land Parcel has a site area of approximately 42,714 sq.m. and a total permissible gross floor area of approximately 152,599 sq.m., with gross floor area for low-income housing units of approximately 42,000 sq.m.. The parcel of land is for residential use. As of the date of this announcement, the Company’s total landbank amounted to approximately 14.94 million sq.m.. In terms of the attributable interest, the Company’s landbank amounted to approximately 14.03 million sq.m.

Based on the total permissible gross floor area of the parcel of land excluding the gross floor area for low-income housing units, the average land cost amounted to approximately RMB22,300 per sq.m.

The parcel of land is located at No. 1026, Nanzhou Road, Haizhu District, Guangzhou City with the Pearl River at the south, enjoying great river view. The parcel of land is located in Guangzhou city center with convenient transportation, just 5-minute drive from Lijiao station of Guangzhou Metro Line No.3. Adjacent to rich ecological resources such as Yingzhou Ecological Park, Haizhu Lake Park and some 10 thousand acres of orchards, the parcel of land is surrounded by a fascinating environment ideal for living.