China MinMetals Land Buys Land in HK

   

    

August 4 , 2016

 

 

 

 

China Minmetals Land Limited  said on 3 August 2016, the company through its wholly-owned subsidiary has, by way of open tender, acquired Yau Tong Inland Lot No. 44 at the junction of Shung Shun Street and Yan Yue Wai, Yau Tong, Kowloon (“Yau Tong Land”) for a consideration of approximately HKD 4.005 billion.

 

 

Yau Tong Land has a site area of approximately 113,300 square feet and a maximum gross floor area of approximately 566,700 square feet, representing HK$7,068 per square feet. The Yau Tong Land will be developed into a high-rise residential development with water-front promenade and landscaping.

 

Lim Ming Yan, President & Group CEO of CapitaLand Limited, said: “CapitaLand’s operating performance has remained robust in an environment of slow economic growth and market uncertainties. “

 

Despite a muted residential market in Singapore, the company sold 304 homes in the first half, nearly three times the 106 units sold in the same period a year ago, with about 90% of launched units sold.

 

 

In China, it sold 6,273 houses during the first half, 50% more when compared to the same period last year. The Group remains focused on the first- and second-tier cities, and on targeting first-time home buyers and upgraders, it said. It had two new malls opened in China during the first half.

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The company’s serviced residence arm, the Ascott, added over 5,300 units across the Americas, Asia, Europe and the Middle East from the January to June, bringing its serviced residence units to more than 47,000. It is poised to outpace its growth for the whole of 2015, when a total of 6,700 units was added to the portfolio.

 

 

As part of its capital management strategy during the first half, CapitaLand divested its 50% interest in CapitaGreen to CapitaLand Commercial Trust for a capital gain of SGD 318.3 million in May.

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