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CHENGDU : Chinese property developer Yanlord is exploring other development strategies to grow its business.
It has launched its first and biggest integrated commercial development in Chengdu, Sichuan, and is eyeing second and third tier cities in China for more projects.
Located in the heart of Chengdu's business district, Yanlord Landmark is the group's first integrated commercial development with a total investment of US$308 million.
Zhong Sheng Jian, chairman & CEO, Yanlord, said: "Following this project, it marks a breakthrough in our strategy. This is our first in Chengdu, with another 80,000 square metre integrated project in TianJing - three projects in total, including Zhu Hai. This provides a stable rental income for the long-term development of the group."
Yanlord said there has been strong interest in this new development from top global brand names.
Besides just offering a high-end shopping mall, Yanlord Landmark also has Grade A office space and serviced apartments, managed by Singapore's Frasers Hospitality.
Modern services and modern living are seen as two areas in which Singapore companies can contribute to the progress and upgrading of China's western corridor.
Lim Swee Say, Minister in the Prime Minister's Office, said: "So for the part of Singapore enterprises, our interest at this moment, basically (it's) in two areas: modern services and modern living. ...
"The opening of Yanlord Landmark is a very good example of how we are capitalising on this growing opportunity and yet at the same time contributing to the upgrading of this retail market here in Chengdu."
Yanlord continues to be bullish about the residential market here, simultaneously launching its latest high-end residential development - Yanlord Riverbay, its third in Chengdu.
Mr Zhong said: "Why will we increase our investment in Chengdu? Because Chengdu is a special city.
"Without a big population like in Shanghai or Chongqing, the commerce and people's coverage in Chengdu is very big - covering the whole west and south China such as Qinghai, Tibet, Shanxi, Yingchuan which are medium cities in the whole of Sichuan province. Chengdu acts as a logisitics city."
Yanlord expects its new integrated commercial projects to contribute to the group's portfolio and growth.
- CNA/al
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