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Singapore-listed property developer Ying Li International Real Estate Ltd has acquired a land site along the Chongqing financial street in China for about 50.35 million yuan (S$10.33 million), excluding resettlement costs.
The site, which measures 5,452 sq m, is situated beside the group's current land bank at Wu Yi Road.
The two land parcels will be jointly developed as an integrated Grade A retail and office development, known as Chongqing Financial Street project. With a total area of 240,000 sq m, it will be the single largest remaining integrated project at the Chongqing financial street.
The developer said it is currently in an “advance discussion” with the government to expand the project’s total land area. It added that it will provide an updated announcement with the complete details when possible.
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