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CWG's subsidiary acquires second land parcel in Suzhou City
CWG International's subsidiary, Suzhou Chiway Jiazong Real Estate Co, successfully bid for the land use rights of a parcel located at Fumin Road in Suzhou City, People's Republic of China.
This is the second land parcel acquired by the group at Fumin Road since September 8. The new land parcel is situated close to the previous one.
The parcel is for residential purpose, which comprises a site area of approximately 27,484.4 square metres with a plot ratio of 1:7. The maximum gross floor area is approximately 46,723.48sqm.
The bidding is part of the group's ongoing effort to participate in auctions for prospective land to build up its land bank, said the group in a filing to the Singapore Exchange.
It will announce its plans for the land parcel when finalised. Any development on the land is not expected to complete before 2019.