Singapore-based property developer CapitaLand has acquired two prime residential sites in Guangzhou, South China, for 2.05 billion yuan (about $297 million), marking its second acquisition in the country in less than three months.
The acquisition in Chongqing will add over 2,100 units to CapitaLand’s residential pipeline in China and double its retail network in the city.
The new sites in Guangzhou will create synergies with the company’s ongoing Datansha urban redevelopment project in Guangzhou’s Liwan District that is being developed into residential and commercial projects in phases.
The acquisition comes less than three months after CapitaLand announced its purchase of a 32-hectare prime mixed-used site in Chongqing for $867 million.