GUANGZHOU-BASED Yuexiu Property has acquired a land parcel in Tonghe, Baiyun District, in Guangzhou through an open tender for 6.45 billion yuan (S$1.37 billion).
The land for residential use spans some 147,736 square metres and has a total gross floor area of about 648,912 sq m with an average land cost of 9,900 yuan per sq m.
In an announcement, Singapore Exchange-listed Yuexiu said the deal was part of the firm's plan to acquire quality landbank in line with its strategy to "return to Tier 1 and Tier 2 cities".
The firm's landbank in Guangzhou amounts to six million sq m, which it said will further strengthen Guangzhou's strategic position as its headquarters.
The parcel of land is located in the city centre and is accessible through a well-developed road network. Surrounded by mountains, the land lies in the northern extension of Guangzhou Central Axis which has huge potential for development, the firm said.