Chinese developer Greenland Holding Group plans to carry out large-scale projects in Singapore, but it is still waiting for the perfect time to enter the market, according to media reports.
“Because Singapore’s land supply is low, competition is more intense. That’s why we have not entered Singapore yet,” said its Group Executive Vice-President Xu Jing.
Although they have decided not to participate in a land tender last August, the government-owned company is now actively studying upcoming land sales in Singapore, and they could venture into the market probably next year.
The Shanghai-based developer hopes to build iconic mixed-use developments here, but the type of project will ultimately depend on the site’s intended use and location.
Notably, Greenland has set itself apart from other Chinese developers due to its aggressive foray into other countries in recent years. These include a US$1 billion (S$1.31 billion) mixed-use Metropolis project in Los Angeles and a US$500 million residential project in Sydney last year.
This year, the developer forked out £600 million (S$1.2 billion) to buy a historic site in London’s Canary Wharf (pictured), where it would build an integrated project. Aside from investing RM600 million (S$225 million) to buy a 5.6 hectare site in Iskandar’s Danga Bay, it also acquired a 51.8ha plot at Jalan Tebrau in Johor.
Since then, the company has held a preview for Greenland Jade Palace, a 759,609 sq ft residential project in Danga Bay and sales are expected to start in February 2015.
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
