Guocoland bags tender for four China land plots

The total deal is worth $753m.

GuocoLand announced that its wholly-owned subsidiary, GLL Chengdu Pte. Ltd. (“GLL Chengdu”), has won the construction land use right for land plots number H3-5/03, H5-1/04, H6-1/04 and H3-8-4/03 in Chongqing, China for mixed development comprising retail, business and residential in a land tender by the Land Resources and Housing Management Bureau of Chongqing Municipality at the bid price of RMB3,640,560,000 ($753m).

The land parcels have a land area of approximately 48,961 sqm, with a total above ground gross floor area of 513,600 sqm.

The land parcels are located within the Jiefangbei (Liberation Square) Commercial Belt with view of the Yangtze River, in the Yuzhong District. The Yuzhong District is the key district of Chongqing and is well connected to the surrounding districts via a massive network of metro lines and bridges.

The acquisition and development of the land parcels will be financed by internal resources.

The transaction is not expected to have any material financial impact on GuocoLand Group’s net tangible assets per share or earnings per share for the financial year ending 30 June 2017.

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