Yanlord Land Group Limited and Reco Yizhong, an affiliate of GIC Real Estate, have jointly acquired a prime residential site in Jinnan District, Tianjin for RMB1.16 billion, or around RMB3,182 psm.
Located within the planned Tianjin Haihe Academic Park, the site has a total land area of 364,787 sq m and a gross plot ratio of up to 2.2. It capitalises on government initiatives to develop the surrounding area into a 37 sq km educational district that will house more than 200,000 students, 20 vocational institutes and some renowned universities like Nankai University and Tianjin University.
“This latest acquisition is our third project in Tianjin and a continuation of our strategic initiative to further expand our footprint within the Bohai Economic Rim. A key economic centre, Tianjin’s rapid pace of development presents significant potential for the development of prime international communities that will contribute significantly to our future growth,” said Mr. Zhong Sheng Jian, Chairman and Chief Executive of Yanlord.
Strategically located in Jinnan district, the land parcel is linked to the city centre by a 15-minute drive to Tianjin Avenue and within close proximity of the district government centre.
“Nestled between Tianjin’s city centre and the new Marina Centre district, this land parcel will leverage on our past experiences in developing prime international communities to create a landmark international residential development that will set new benchmarks for the area,” said Mr. Zhong.
The Tianjin site is a joint acquisition between Yanlord and GIC Real Estate, wherein Yanlord will take up 60 percent ownership while Reco Yizhong will take up the remaining 40 percent.