CDL Acquires Third Site In China For Rmb540m

Local property group, City Developments (CDL), announced that it had secured a site in Chongqing for Rmb540 million ($110 million). The acquisition, the third in slightly more than a year, is part of the firm's strategy in actively expanding in China. The land parcel in Chongqing, acquired through a government land tender on 4 January, can be developed into a gross floor area of 108,686 square metres, translating to about Rmb4,968 ($1,018) per square metre per plot ratio. CDL intends to build 900 residential apartments and a commercial complex on the plot and expects the development to be popular given its Jialing River frontage and its proximity to the central business district. CDL intends to target the mid-to-high-end segment of the market with its development, and expects to sell its residential units at about $18,000 per square metre, when the development is launched in the middle of next year.