CWG wins land use rights to 47,683 sq m site in Zhejiang with 1.1b yuan bid

CWG International has won a bid for the land use rights of a 47,683 square metre (sq m) residential and commercial site in the city of Hangzhou, Zhejiang, in China for 1.14 billion yuan (S$234.06 million).

CWG, a property developer, said in a filing with the Singapore Exchange on Monday that it will enter into a joint venture with a third party to jointly develop and manage the land parcel. Development of the site is not expected to be completed before 2019.

The land parcel has a plot ratio of two, which would yield a maximum gross floor area of about 95,366 sq m.

CWG is facing a general takeover offer at S$0.195 per share. The offeror is a consortium of existing shareholders who already control about 81.1 per cent of the company.

CWG shares last traded a S$0.194 on Friday.