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CapitaLand China buys residential site in Ningbo for S$232m

CapitaLand China, a subsidiary of Singapore property group CapitaLand, has acquired a residential site in Sunjia, Ningbo for S$232 million.

SINGAPORE: CapitaLand China, a subsidiary of Singapore property group CapitaLand, has acquired a residential site in Sunjia, Ningbo for S$232 million.

The 57,370-square-metre site has been secured through a government land tender.

CapitaLand plans to build about 1,100 units of small and medium-sized units on the site, catering to both first-time homebuyers and upgraders.

Construction for the project is expected to begin in Q3 this year, with the first phase targeted for launch in 2015.

The site is also near CapitaLand's two other projects in Ningbo -- the Raffles City Ningbo and Summit Residences.

Raffles City Ningbo is a mixed-use development which was opened in 2012.

Meanwhile, residential project Summit Residences launched its Phase 2 at the end of 2013.

CapitaLand China’s chief executive officer Jason Leow said in a statement: "Ningbo is China's second-largest port with residents' disposable income that is comparable to Shanghai's.

“Ningbo belongs to one of the five city clusters that CapitaLand is focused on, namely Shanghai/Hangzhou/Suzhou/Ningbo, Beijing/Tianjin, Guangzhou/Shenzhen, Chengdu/Chongqing, and Wuhan."

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