Real Estate: CapitaLand moves on Hangzhou
(Shanghai Daily)
Updated: 2006-05-18 15:00 CapitaLand Ltd has bought its first residential
site in Hangzhou for 562 million yuan (US$70 million), Southeast Asia's biggest
developer said yesterday.
After 37 rounds of fierce bidding in a public tender, CapitaLand beat
Henderson Land, Hong Kong's third-biggest property developer, to win the
59,622-square-meter site in the Gongshu District in northern Hangzhou, a
two-hour drive from Shanghai and capital of Zhejiang Province.
CapitaLand plans to build about 1,200 apartments on the site, targeting the
mid- to high-end market. The average housing price in the area is about 7,200
yuan a square meter, compared with 9,300 yuan a square meter in Xiacheng
District, Hongzhou's most expensive area. The first phase of the development is
expected to be launched in the second half of 2007 and should be completed by
2009.
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