Singapore's CapitaLand buys commercial site in China for 202.8 million sgd |
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Fri, 19 Oct 2007 12:03
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SINGAPORE (Thomson Financial) - Southeast Asia's biggest property developer CapitaLand Ltd said Friday it bought a commercial site in China in a government land tender for 202.8 million Singapore dollars.The 40,355-square-meter site is located in Hangzhou city in Zhejiang ProvinceCapitaLand said it plans to build its fourth Raffles City development in China on this site.The development will comprise an office tower, a retail mall, a five-star hotel and a residential component.To be named Raffles City Hangzhou, the development is expected to be completed by 2011.'Given the site's excellent location, we are confident Raffles City Hangzhou will become a new landmark in the city, attracting consumers, tourists and business travellers from all over China and beyond,' said Liew Mun Leong, president and chief executive officer of CapitaLand.'With growing interest from many countries to have CapitaLand develop a Raffles City in their respective cities, we aim to have a total of 10 Raffles City developments within the next five years,' he said.(1 US dollar = 1.47 Singapore dollars)yuinmunn.szetoh@thomson.comys/zrCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Singapore CapitaLand aims to manage 10 REITS in near future 