Yanlord Land Group and Ho Bee Land Limited have, on June 28, entered into a co-operation agreement where both groups will jointly develop a residential site located in Hongqiao District in Tianjin, China.
The land parcel has a total site area of 53,200 sqm located at XiangDongNan Road and was acquired by Yanlord through a public land auction for a total consideration of RMB1.5 billion ($311.4 million).
Through the agreement, Yanlord will hold 51% in the joint development, while the remaining 49% will be held by Ho Bee Land.
The site is slated to be transformed into a high-end residential development with ancillary community retail space and educational facilities with a total gross floor area (GFA) of around 117,100 sqm.
The site is ideally situated for prime residential developments, according to the joint announcement. It is located 600m away from Metro Line Route 1, QinJianDao station and 2km away from the Tianjinxi Railway Station.
Future residents will also benefit from a suite of lifestyle amenities as well as proximity to shopping malls and parks.
The development is adjacent to the office of Hongqiao District Government of Tianjin and the city’s major commercial and office areas.
“The latest land acquisition in Tianjin reiterates our commitment to and confidence in the Tianjin real estate market, and will build on our extensive track record of developing quality residences which Tianjin citizens have grown to trust and support,” says Zhong Sheng Jian, Yanlord’s chairman and CEO.
“Capitalising on our core competencies as well as the synergistic benefits from our partner – Ho Bee, we believe that the site will complement our existing initiatives and further strengthen our presence within the Bohai Rim real estate market,” Zhong adds.
“We are very pleased to continue our partnership with Yanlord, which has a wealth of experience in developing and marketing premium residential projects in Tianjin. Leveraging on their expertise, we are confident that the proposed residential project will be another successful cooperation between Ho Bee and Yanlord. Furthermore, this joint development is in line with Ho Bee’s strategic policy to diversify overseas,” says Chua Thian Poh, Ho Bee Land’s chairman and CEO.
Shares in Yanlord and Ho Bee Land closed at $1.20 and $2.86 respectively on June 28.
Photo: Ho Bee Land
