CapitaLand acquires residential site in Ningbo, China for $232 million
CapitaLand, through its wholly-owned subsidiary CapitaLand China, has secured a prime 57,369 square metre (sqm) residential site in Sunjia, Jiangbei District, Ningbo for 1.12 billion yuan (S$232 million) in a government land tender.
This works out to about 8,858 yuan per sqm per plot ratio.
CapitaLand plans to build some 1,100 units of small and medium-sized units on the site, which has a gross floor area of 126,212 sqm, to cater to first-time homebuyers and upgraders.
Construction is expected to begin in the third quarter, with the first phase targeted for launch in 2015.