CapitaLand buys Ningbo residential site for S$232m
- Details
- Category: Ningbo Business
- Published: Friday, 24 January 2014 11:09
SINGAPORE — CapitaLand said yesterday that its wholly-owned subsidiary CapitaLand China had bought a 617,514 sq ft prime residential site in the Chinese coastal city of Ningbo for 1.1 billion yuan (S$232 million) in a government land tender.
The site can yield 1.36 million sq ft in gross floor area and CapitaLand China plans to build about 1,100 small-and medium-sized units on the plot to cater to first-time homebuyers and upgraders. The tender price translates to just under S$171 per sq ft per plot ratio.
CapitaLand China will start construction in the third quarter of this year and launch the first phase of the project next year.
Mr Jason Leow, Chief Executive of CapitaLand China, said: “Ningbo is China’s second-largest port, with residents’ disposable income that is comparable to Shanghai’s.
“As a rapidly-growing second-tier city, Ningbo belongs to one of the five city clusters that CapitaLand is focused on, namely Shanghai/Hangzhou/Suzhou/Ningbo, Beijing/Tianjin, Guangzhou/Shenzhen, Chengdu/Chongqing and Wuhan.”
