China continues to see investment in the residential market from Singapore developers
Keppel Land China increased its presence in Chengdu with the acquisition of the company?s fifth prime residential site in the region. The Chinese arm of the Singapore-based Keppel Land acquired the site for SGD133 million (US$109 million) from the Chengdu Shengshi Jingwei Real Estate Investment Co Ltd.
?Chengdu is witnessing phenomenal growth as Sichuan continues to build up its reputation as a key investment zone in Western China,? Ang Wee Gee, executive vice chairman of Keppel Land China, said. ?The acquisition of the new site further strengthens Keppel Land China?s portfolio of quality developments that enhances the lifestyle of the affluent Chinese in Chengdu.?
The fast-growing Chengdu is the capital of Sichuan and China?s fourth largest city in terms of population. The site is adjacent to Hill Crest Villa, where Keppel Land China is currently developing 274 landed homes.
?Leveraging our presence and track record in Chengdu, we are confident of attracting genuine homebuyers who seek well-designed homes that bear the Keppel brand and quality hallmark,? Ang said.
The new development will be about 20 km away from the city centre and ten km from Chengdu?s Shuang Liu International Airport. It is also close to Tianfu New City, which is poised to be Chengdu?s software town and the city?s core Central Business District.
In October 2010, leading magazine Forbes named Chengdu as one of the world?s fastest-growing cities.
?This latest acquisition is in line with our strategy to further our presence in key cities across China, one of which is Chengdu,? Ang said. ?Looking ahead, we will continue to seek good and well-located sites in Chengdu and China as a whole to continue building up Keppel Land China?s repute as a premium international developer among discerning homebuyers.?
CapitaLand, another Singapore-based property developer, saw increased demand for residential units in China during the April-June period according to The Wall Street Journal.
The company, which has SGD 13.6 billion (US$11.1 billion) worth of assets in China, said it either maintained or raised the selling prices of its China projects in the second quarter.
?We?re seeing a lot of pent-up demand and seeing a lot of people committed to buying properties now, having stayed away for the last one and a half years,? Jason Leow, CEO of CapitaLand?s China unit said.
Source: http://www.property-report.com/singapore-developers-continue-to-increase-its-presence-in-china-25535
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