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Chiwayland subsidiary acquires Wuxi land, announces plans for 3 other China parcels

Monday, September 19, 2016 - 18:33

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A SUBSIDIARY of mainboard-listed Chinese property developer Chiwayland International has acquired a 73,351 sq m parcel of land in Wuxi, near Shanghai, the group reported on Monday evening.

A SUBSIDIARY of mainboard-listed Chinese property developer Chiwayland International has acquired a 73,351 sq m parcel of land in Wuxi, near Shanghai, the group reported on Monday evening. No price was announced.

The group also announced plans to develop three other plots of land that it previously acquired in China.

No plans have been announced yet for the latest acquisition, which is located in the east of Wuxi's Jinkui Park in Taihu New Town.

The earliest date that Chiwayland expects a development to be completed on the parcel, which is about the size of the Buckingham Palace in London, is in 2018.

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This latest acquisition was won by Chiwayland's 60 per cent owned joint venture Suzhou Chiway Shangcheng Real Estate. Jiangsu Shagang Group Hongrun Real Estate Development is the other partner in this venture.

"The bidding is part of the group's ongoing efforts of participating in auctions for prospective land to build up its land bank, and will enable the group to sustain its scale and presence in the People's Republic of China," said Chiwayland.

Separately, Chiwayland also announced that a 83,467 sq m plot of land in Wuhan, Hubei province, will be turned into a residential development project with a gross floor area of 175,282 sq m based on current design.

It is expected to be launched in the second half of next year, and completed by end-2018. The total cost for the project, including land cost and estimated construction costs, is currently at 2,045.5 million yuan (about S$418.3 million). The land holder and developer is Wuhan Chiway Real Estate, and is a wholly owned subsidiary Jiangsu Shagang.

Elsewhere, a 34,180 sq m parcel in Zhangjiagang in Jiangsu province will be developed into a mixed development project with an estimated total saleable gross floor area of 70,604 sq m.

It is expected to be launched in the first half of next year, and completed by end-2018. The total cost for the project, including land cost and estimated construction costs, is currently at 860.9 million yuan. The land holder and developer is Zhangjiagang Chiway Wanhong Real Estate, which is 95 per cent owned by Jiangsu Shagang. The remaining 5 per cent is held by Gong Ming, Chiwayland's general manager of operations in Suzhou.

Chiwayland also announced that another parcel of land in Wuxi, at 11,782 sq m, will be turned into a mixed-development project with a gross floor area of 12,888 sq m.

It will be launched in the second half of next year, and completed by end-2018. Total cost for the project is expected to be at 223 million yuan.

A subsidiary, called Wuxi Taihu New City Chiway Real Estate, and is 95 per cent-owned by Jiangsu Shagang, was set up for this purpose. The remaining stake is also held by Mr Gong.

Shares of Chiwayland closed higher by 0.6 Singapore cent on Monday at S$0.123.

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