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$308M Buys Nanjing Land for 7M-SF Project

SINGAPORE-A locally headquartered residential developer and the real estate arm of the Government of Singapore buy 76 acres in the former capital city for a massive mixed-use development.

By Brian K. Miller | Updated on December 29, 2006

SINGAPORE-A 76-acre site in Nanjing sold at auction this week for $308.46 million (S$473 million). The new owner, a joint venture of locally headquartered Yanlord Land Group Ltd. and the real estate arm of the Government of Singapore Investment Corp., say the site can support a 7.4-million-sf mixed-use development.

Located on the Yangtze River, Nanjing is one of the four ancient capitals of China and is the second largest commercial center in East China behind Singapore. In 2005, it recorded 26% GDP growth and disposable income grew by 29%.

The development site, one of the few remaining sites of a substantial size in Hexi New Urban Area, is located south of Hexi Avenue and east of Riverside Avenue, and overlooks the river. One of the requirements of the land grant is that at least 20% of the total square footage developed is comprised of residential units that do not exceed approximately 1,000 sf. In addition to the 76 acres, an additional 12 acres has been set aside for public facilities.

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