CapitaLand acquires two development sites for $297m
CapitaLand has been awarded two prime residential sites in Guangzhou, South China, at a price of RMB2.05 billion ($297 million).
The sites, measuring about 150,000 square meters (1.6 million square feet) in total, are set to build up to 1,300 homes by 2021, catering to first-time homebuyers and upgraders.
Guangzhou is a first-tier Chinese city and the economic powerhouse of South China with strong fundamentals. The two newly awarded residential sites are located in the heart of Zengcheng District, the engine of Guangzhou’s industrial growth and the site of the city’s future second international airport. Zengcheng is also home to well-known companies such as FOXCONN and Honda, as well as the upcoming Guangzhou Education City. The government plans to grow the district’s po
