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CapitaLand wins 2 residential sites in Guangzhou, China, with 2.05B-yuan bid

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CapitaLand wins 2 residential sites in Guangzhou, China, with 2.05B-yuan bid

Singapore's CapitaLand Ltd. placed the winning 2.05 billion-yuan bid to secure two prime residential sites in Guangzhou, China, with an estimated combined area of 150,000 square meters.

The company is planning to develop up to 1,300 homes by 2021 on the recently awarded property in the city's Zengcheng district, according to a news release.

Lim Ming Yan, president and group CEO of CapitaLand, said the Guangzhou sites and the mixed-use land parcel in Chongqing that was acquired in June were "timely" additions to the company's pipeline in China, where the developer is preparing to sell 4,000 residential units by 2018-end. Nationwide, CapitaLand has plans to hand over 16.2 billion yuan of residential units within the second half of 2018.

As of Aug. 13, US$1 was equivalent to 6.89 yuan.