SINGAPORE - Mainboard-listed Yanlord Land Group said it has acquired a site in Nanjing, China, for 7.84 billion yuan (S$1.63 billion) in a public land auction to build an integrated development.
The site, which has a gross floor area (GFA) of 541,000 sq m, will be used to develop high-quality apartments, recreational facilities, offices and commercial units, the company said in a filing with the Singapore Exchange on Tuesday (Dec 27).
The site is situated within the Sino-Singapore Nanjing Eco Hi-Tech Island - a flagship economic collaboration programme developed under the auspices of the Singapore Jiangsu Cooperation Council. It lies along the island's riverfront with unobstructed view of the Yangtze River and is close to the Youth Olympic commercial district and the group's existing development Oasis New Island Gardens, said Yanlord.
It is also well connected via planned key thoroughfares running through the island as well as the adjacent No. 10 metro line station and the upcoming No. 4 metro line station, said the company.
The development will consist of approximately 268,000 sq m GFA of residential space and 273,000 sq m GFA of commercial, hotel, office and tourism space.
Said Mr Zhong Sheng Jian, Yanlord's chairman and chief executive officer: "A decade ago, we embarked on the conceptualisation of the Nanjing Eco Island, and it's apt that 10 years later we are able to see the fruits of our labour with this second acquisition on the picturesque Nanjing Eco Island.
"With its excellent location and connectivity, this site will benefit from the maturing suite of amenities and provides a unique opportunity for Yanlord to augment our existing initiatives within the Nanjing market to further expand our prime development landbank within the core regions of Nanjing city."