City Developments Limited acquires another China land site

What is the property developer's plans for this new Chongqing area purchase?

At an 80-20 residential-commercial zoning mix, the land site will be developed into roughly 900 residential apartments and a commercial complex, according to CDL.

The acquisition was made through its CDL China subsidiary with a winning land tender for RMB 540 million.

The lot has a permissible gross floor area of 108,686 square meters and located in Yuzhong district, near Jialing River and a subway ride away from the Jiefangbei central business district.

"It represents the third acquisition of CDL China in the past 13 months after previously clinching a luxury residential site in Chongqing and a mixed-use development site in Suzhou," CDL said in a release.

“Chongqing remains one of our top investment destinations in China, mainly due to the dynamic nature of the city
and its ever-growing population. As this is the city where we acquired CDL’s first residential site in China in December 2010, it makes sense to follow up with further investments here so as to reap synergies and economies of scale in terms of our resources and construction efforts,” said Mr. Sherman Kwek, Chief Executive Officer of CDL China.

“The city is growing at an incredible pace and the people here embody a very warm and friendly culture, which further enhances the attraction of the city. This is evident in the number of international developers that has increased in the city over the past decade. As the Chinese economy continues to expand to the next level, Chongqing’s economy and real
estate market will no doubt continue to benefit from this growth," he added.

"We feel very lucky to be able to develop such a prime piece of land in this beautiful city, with unobstructed frontage to the magnificent Jialing River. We will continue to build on our strategy of having well-located projects in 1 and Tier 2 cities in China that will help to cement CDL’s reputation as a premier developer in China,” he said further.

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