Township developer Surbana Corporation has acquired a residential site in Chengdu, China for 677 million yuan (S$126 million) through a public tender.
Located in the Swan Lake Area, the site is roughly 15 km southeast of the city centre. It has a total area of 804,000 square feet and will generate a potential gross floor area (GFA) of over 300,000 sq m (approximately 3,200 apartments).
The company’s proposed residential project marks its fifth township development in China.
Its first residential project was The Botanica township, located seven kilometres from the latest site. Besides Chengdu, the company also has residential developments in Shenyang, Wuxi and Xi’an.
The five projects yield a total of 57,000 residential units, in which more than 12,500 units have been sold to date.
“’Over the last eight years, we have established ourselves as a leading township developer in China with well-planned and well-built townships,” said Tan Kiang Hwee, Surbana’s Group Chief Executive.
“Our in-house building consultancy expertise from Surbana International Consultants (SIC) has helped to set us apart from other developers.”
Puah Tze Shyang, Chief Executive of Surbana Land, the company’s township developer unit, said it had identified Chengdu as a key Chinese city to anchor and grow its business in.
“Our latest Chengdu project, like all our townships, is targeted at the middle-income segment. These buyers are mostly homeowners and are therefore not expected to be overly affected by the Chinese government’s anti-speculation measures,” he said.
Surbana noted that construction works for the new project are expected to commence in mid-2010, with the sales launch scheduled for 2013.
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