Keppel Land China Limited has formed a joint venture with property developer CIFI Holdings (Group) Co Ltd to jointly develop a 5.85-ha residential site in New District, Taicang City, Jiangsu Province, China.
Keppel Land China, through a wholly owned subsidiary, has acquired a 49% equity interest for approximately RMB498 million in Taicang Xuchang Property Co Ltd (TXPC), which owns the site. The remaining 51% stake will be held by Shanghai Shengji Industrial Co Ltd, a subsidiary of CIFI.
The project has a gross floor area (GFA) of 117,052 sq m and can offer 1,072 high-rise residential units. Phase 1 is scheduled to be launched in the fourth quarter of 2020, with the entire development slated for completion in 2021. The total development cost for the project is expected to be in excess of RMB2.4 billion.
The site is located in the High-Tech Industrial Development Area of Taicang City, a provincial-level economic development zone where infrastructure and other amenities are already well developed. The upcoming Shanghai-Nantong High-Speed Rail will further integrate Taicang City into the Yangtze River Delta high-speed rail network and greatly improve the connectivity between Taicang City and Shanghai.
Ben Lee, president of Keppel Land China said, “Keppel Land China is pleased to partner CIFI, one of the top 15 developers in China, for this maiden project in Taicang City. This collaboration marks our further expansion in the Yangtze River Delta region. We are confident that our residential development in Taicang City’s New District will meet the rising aspirations and needs of homebuyers in the greater-Shanghai area.”
Lin Feng, CEO of CIFI said, “Ensuring win-win cooperation has always been CIFI’s key operating principle and we are honoured to partner Singapore’s leading developer Keppel Land on this project. I believe that the Taicang project will garner strong interest from the market with its high-quality product offerings. The project marks the start of our strategic partnership and I look forward to deepening collaboration with Keppel Land to provide cutting-edge products and excellent services to more customers.”
Image: Keppel Land