CapitaLand has bagged a prime commercial site in Hangzhou, China, for one billion renminbi or S$203 million. This works out to about S$715 per square metre per plot ratio.
The 40-year leasehold site is located in an area set to become the new Central Business District of Hangzhou.
CapitaLand plans to build its fourth Raffles City in China on the 40,400 square metre site.
Raffles City Hangzhou will comprise a Grade-A office tower, a retail mall, a five-star hotel and residential units.
The site has a plot ratio of seven and will yield nearly 284,000 square metres.
It is expected to be completed by 2011. - CNA/ms
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