CapitaLand Development (CLD), the development arm of CapitaLand Group, has been awarded two prime residential sites in China, one each in the cities of Wuhan and Chengdu, at a total price of RMB3.49 billion ($551 million).
CLD plans to build 1,581 quality homes catering to first-time homebuyers and upgraders on these sites. The construction of both projects will begin this year.
The Wuhan site is located in the central business district (CBD), at the intersection of Fazhan Avenue and Huaihai Road in Qiaokou District. Clinched at RMB2.31 billion ($365 million), it measures 45,709 square meters (492,008 square feet) in site area with a gross floor area (GFA) of 146,000 square meters (1.57 million square feet). The Chengdu site is located in Chenghua District, next to the middle ring road of Northeast Chengdu. Secured at a price bid of RMB1.18 billion ($186 million), the site covers an area of 29,382 square meters (316,265 square feet) with a GFA of 73,453 square meters (
