31 Jan '11, 3pm

[CNA] Yanlord, Reco Yizhong jointly acquire residential land site in China

SINGAPORE : Mainboard-listed Yanlord Group and Reco Yizhong have jointly acquired a residential land site in Tianjin Jinnan District in China. Yanlord is a property developer specialising in developing high-end commercial and residential projects in Chinese growth cities, while Reco Yizhong is an affiliate of the Government of Singapore Investment Corporation (GIC) Real Estate. Both parties acquired the prime residential land, which spans 364,787 square metres, in a public land auction for RMB 1.16 billion or US$175.7 million. This works out to a price of RMB 3,182 per square metre. The site is located in the Tianjin Haihe Academic Park and is zoned for development into a 37 square kilometre educational district. It has a plot ratio of up to 2.2 times. The Academic Park is sub-divided into three parks which will focus on vocational training, higher learning as well as rese...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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