Saturday, December 18, 2010

CDL China makes first site acquisition

Business Times: Sat, Dec 18
CDL China, the China division which City Developments Limited (CDL) set up in August, has made its maiden acquisition - a 232 million yuan (S$45.7 million) development site in China's Chongqing. The site, which CDL China's wholly owned Hong Kong su...
CDL China, the China division which City Developments Limited (CDL) set up in August, has made its maiden acquisition - a 232 million yuan (S$45.7 million) development site in China's Chongqing.


The site, which CDL China's wholly owned Hong Kong subsidiary China Venture Investments won through a government land auction, consists of two adjacent plots of land totalling 27,200 square metres.


It is situated next to the historic Eling Park. CDL China intends to fully capitalise on the heritage, tranquillity and prime location of this rare site to build an ultra luxurious low-rise development comprising of villas, duplexes and townhouses.


Construction is expected to commence next year and the initial plan is to build around 150 units.


In line with CDL's green philosophy, the development will be designed and constructed with environmental sustainability in mind, said CDL China chief executive Sherman Kwek.


'We will focus on implementing green innovation and technology, making it an environmentally conscious project,' Mr Kwek said, adding: 'We will be sensitive to the target market's requirements and also ensure that the development helps to redefine Chongqing's skyline.'


The site also boasts a panoramic perspective of Yuzhong District including a vantage view of the Yangtze River, CDL said. The company added that Chongqing's real estate market is well supported by strong demand and a growing population with discerning taste.


CDL in August said the China unit will focus on establishing CDL's presence in certain cities throughout China. It then announced an initial allocation of $300 million investment funds.


CDL China said that it plans to target all segments of China's property market - the high-end, mid-tier and mass market residential markets as well as the commercial and hospitality sectors.


CDL's shares lost 26 cents or 2 per cent to close at $12.92 yesterday.

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