SINGAPORE (Nov 7): CapitaLand in October saw a total of four residential launches in China worth RMB2 billion ($396.7 million), its highest home sales value in the country over a 30-day period this year.
In a Wednesday press release, the property developer says its successful launches over the past month coincided with China’s traditional high season for new home sales, dubbed “Golden September Silver October”.
Parc Botanica’s launch in Chengdu was the most successful by far, with all 388 units sold out for RMB332 million, followed by La Botanica in Xi’an, which sold 97% of 535 units for RMB585 million.
The Metropolis in Kunshan as well as The Lakeside in Wuhan sold over, or about, 90% of 324 units and 372 units for RMB758 million and RMB322 million, respectively.
Going forward, CapitaLand says it has a pipeline of another 2,000 launch-ready residential units in China which it intends to release according to market conditions. It also recently added another 3,400 units to its pipeline of residents under development after acquiring three prime sites in Chongqing and Guangzhou between June and Aug this year.
Lucas Loh, President (China & Investment Management), CapitaLand Group, attributes the sustained interest in CapitaLand’s residential developments to the group’s strong brand recognition, high build quality, good property locations and astute marketing strategies.
“CapitaLand will remain disciplined in our investment approach to build a sustainable residential pipeline in China, while ensuring an optimal mix between trading and investment properties that will deliver sustainable value to shareholders. Amidst market headwinds, our land banking strategy, extensive network of partnerships and robust financial position will put CapitaLand in good stead to continue benefitting from China’s growth,” says Loh.
As at 10.30am, shares in CapitaLand are trading 2 cents higher at $3.12.
