Four Sites in Chongqing Won by GuocoLand Unit
Guocoland Singapore’s well-known developers, was able to win for the development of four sites in Chongquing in China. GLL Chengdu plans to develop mixed establishments in the area comprising retails, business, and residential units. The project is worth a total of S$753 million, or 3.64 billion yuan.
The total land area of the four sites is approximately 48,961 square meters, with 513,600 square meters above the ground floor area. The sites are all located at Yuzhong District, south west of China. The area has an access to a number of transport connections as well as to the famous Yangtze River.
Since the year 1994, GuocoLand Limited has acquired numerous properties in Beijing, Tianjin, Nanjing, and Shanghai. The development of the newly acquired sites shall be paid through the developer’s internal resources. Hong Leong Holdings of China will also take a number of shares under GLL Chengdu for the development of the sites in Chongqing. Hong Leong Holdings will buy 25 percent of the share capital which will amount to 946.5 million yuan. The rest of the shares will be shouldered by GuocoLand.
GuocoLand also mentioned that this transaction will not affect their earnings on its tangible assets for their financial year ending which will take place on June 30, 2017. As of June 30, the company’s asset is already worth $7.9 billion, comprising commercial, residential, retails, and many other industrial developments throughout the region.