Yanlord Land acquires site in Hangzhou

Real estate developer Yanlord Land Group has acquired a 154,500 square metre, gross floor area (GFA) prime residential development site in Hangzhou for approximately 2.94 billion yuan (S$600 million) through a public land auction.

The purchase was made through its wholly-owned subsidiary Hangzhou Renyuan Property Development Co.

Situated within the Zhijiang Resort Centre of Xihu District, the site has a plot ratio of up to 2.0 times and benefits from the local government's initiatives to develop the area into a key cultural and lifestyle centre, Yanlord said.

The group also highlighted that the site is well connected via key thoroughfares passing through the district as well as the city's metro line, which is currently under construction.

Zhong Sheng Jian, Yanlord's chairman and chief executive officer, said: "This latest acquisition is a continuation of our strategic initiative to further expand our footprint within the Yangtze River Delta. A key economic and cultural centre, Hangzhou's rapid pace of development driven by its robust IT industry presents significant potential for the development of prime international communities that will contribute to our future growth."