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.

It is located at the junction of Yunfei Road and Hongda Road and within a newly-developed region in the north bank of Yao River.

It is also a short 15-minute drive from Raffles City Ningbo, CapitaLand's iconic mixed-use development, and Summit Residences, both located in the heart of Ningbo's Daqing South Road commercial district.

Raffles City Ningbo opened in 2012 and enjoys a steadily increasing average footfall of over 500,000 a month.

Phase 1 of Summit Residences, launched in 2007 and completed in 2010, has sold 100% of its 776 units.

Phase 2 of Summit Residences was launched end 2013 to warm response and is expected to be completed end 2014.