Property giant CapitaLand has won the bid for two prime residential sites in Guangzhou, China, for $409.3 million. The sites measure 1.6 million sq ft in total and the new developments will comprise 1,300 units for first-time homebuyers and upgraders. They are expected to be completed by 2021.
The sites are located in the Zengcheng District, where the city’s future second international airport will be located. The land is part of a mature residential zone and is surrounded by malls, schools, a hospital, a library, and other residential developments. Well-known corporations like Foxconn and Honda, and the upcoming Guangzhou Education City, are located in the district. The district’s population is set to grow from 1.15 million today, to about 2.1 million by 2020.
The award comes shortly after CapitaLand’s recent acquisition of a mixed-use site in Chongqing in June, which will yield more than 2,100 residential units. “These 3,400 units in Guangzhou and Chongqing are a timely addition to our China residential pipeline, as we ready ourselves to release another 4,000 units for sale by the end of 2018,” says group CEO of CapitaLand Group, Lim Ming Yan.
CapitaLand also owns two shopping malls in Guangzhou. In addition, through its wholly owned serviced residence arm The Ascott Limited, it manages five serviced residences in the city, and will manage a sixth which will open in 2019.