Wuxi City is well known for being one of the birthplaces of China’s modern industry and commerce. (Photo: Wikimedia Commons)
Keppel Land’s China unit has clinched a prime 18.03-ha residential site in Wuxi, China for 2.53 billion yuan (S$517 million) in a government land tender.
Keppel Land China intends to develop the site, which has a permissible gross floor area of around 360,500 sq m, into a residential project comprising 246 low-rise, 456 midrise, and 2,053 high-rise units.
Located within a mature residential precinct in the Xinwu district, the site is just five kilometers from Wuxi’s downtown area, near the Wuxi railway station and Sunan Shuofang International Airport.
“China is one of Keppel Land’s core markets and we are committed to deepening our presence in the key cities of Shanghai, Beijing, Tianjin, Chengdu, and Wuxi,” said Keppel Land CEO Ang Wee Gee.
“With Wuxi’s strong economic growth and positive residential market outlook, coupled with the prime location of the site in close proximity to amenities, we are confident that the new residential development will receive a strong demand from homeowners looking for quality, thoughtfully designed homes with strong value propositions.”
Keppel Land does not expect the transaction to materially affect the group’s earnings per share and net tangible asset per share for the current financial year.
This article was edited by Keshia Faculin.