CapitaLand Development clinches 2 residential sites in China for $748m

CLD said it will build 1,581 homes on the two sites.

CapitaLand Development (CLD) won the bidding for two prime residential sites in China for a total price of  S$748m (RMB3.49b).

In an announcement, CLD said they aim to build 1,581 homes on the two sites which are expected to boost their residential pipeline under development in China by 1,581 units to 19,139 units. Construction on both sites will begin this year.

The first site, clinched at S$495m (RMB2.31 b), is located in Wuhan at the intersection of Fazhan Avenue and Huaihai Road in Qiaokou District. It measures 45,709 square metres (sq m) in site area with a gross floor area (GFA) of 146,000 sq m.

Meanwhile, the second site, won at a bid price of $253m (RMB1.18b), is located in Chenghua District, Chengdu,  next to the middle ring road of Northeast Chengdu. The site covers an area of 29,382 sq m with a GFA of 73,453 sq m.

“Wuhan and Chengdu are part of CapitaLand’s five core city clusters[2] in China, where we have established a track record in developing and operating well-received business parks, integrated developments as well as residential, retail, office and lodging properties,” Tan Tze Shang, CEO of CLD (China), said.

“We will leverage our deep market understanding of both cities to create quality and affordable homes that meet the aspirations of homebuyers,” he added.