Keppel Land China invests in prime residential site in Chengdu

SINGAPORE - Keppel Land China and Chinese leading developer China Vanke will develop a 16.7-ha prime residential site in Chengdu, China.

The proposed development will have 6,480 high-rise apartments, 649 retail or street-front shops, and a kindergarten.

Phase 1 is expected to be launched in the third quarter of this year, and the entire project will be completed in the second quarter of 2020.

The estimated total development cost for the project is expected to be 4.88 billion yuan (about S$1.06 billion).

Keppel Land China said on Wednesday that it will hold 35 per cent, and Vanke 55 per cent , in a property company that owns the site.

The site is in the north-western region of Chengdu, accessible by Metro Line 2 and various main roads and highways.

The project could benefit from the nearby high-tech West Zone, where more than 6,000 companies, including five Fortune 500 enterprises, are. The site is also adjacent to three top private schools in Chengdu.

The remaining 10 per cent will still be held by the previous site owner.

Mr Ho Cheok Kong, Keppel Land China's president, said the project is in line with the company's strategy to focus on key Chinese cities including Chengdu, which is where it has an established presence and a strong local team.

He added: "Leveraging Vanke's local knowledge and extensive network, as well as Keppel's track record in Chengdu, we are confident that the new development will attract homebuyers who seek well-located and quality homes."