YANLORD Land Group Limited said it has entered into a cooperative agreement with China Merchants Property Development Co Ltd (CMPD) and Poly Real Estate Group to develop a 170,000 square metre site in Nanjing city's Gulou district.
This site was acquired through a public land auction for about 4.82 billion yuan (S$976.5 million). Under the terms of the agreement, Yanlord will obtain a 33 per cent stake in the project company.
The cooperative agreement was entered into by the respective subsidiaries of Yanlord, CMPD and Poly Real Estate.
Yanlord chairman and CEO Zhong Sheng Jian said: "Prices for quality residential developments continue to rise on the back of a steady recovery in the Nanjing property market.
"With continued growth in population and a tighter land supply, demand for commodity housing in Nanjing has outstripped supply since the start of 2016 leading to a decline in inventory levels across the city."
Situated within Nanjing's traditional city centre, the site enjoys excellent connectivity via key thoroughfares and is adjacent to a planned station of the city's metro line route 9.