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CapitaLand lands bid for site in Guangzhou for 882m yuan
CAPITALAND has won a prime mixed-use, 4.7 hectare site in Guangzhou, China, for 882 million yuan (about S$175.2 million).
The property developer holds a 75 per cent stake in the development, with the remainder held by an unrelated third party.
The greenfield site in Huangpu District is located within Guangzhou Science City, a government-backed innovation and technology hub.
The gross floor area (GFA) that will be built on the site totals 142,107 square metres (sq m), of which around 70 per cent will be dedicated to investment assets comprising office, retail space and serviced residences, while the rest will be developed into low-density strata offices. The development is slated for completion by 2022.
Lucas Loh, president (China and investment management), CapitaLand Group, said: “The timely acquisition of our newest mixed-use site in Guangzhou will strengthen and diversify CapitaLand’s portfolio to capture the new wave of growth in the Guangdong-Hong Kong-Macao Greater Bay Area. It also marks CapitaLand’s foray into Guangzhou’s booming office market."
Including two prime residential sites in Zengcheng District acquired in August, CapitaLand will have a diverse pipeline of multi-asset types in Guangzhou coming onstream between 2021 and 2022.
This year, CapitaLand has divested close to S$2 billion worth of assets in China, and made investments into new higher-yielding assets valued at S$1.05 billion.