Surbana Corporation has acquired a 70 percent stake in the Macao Lung Iam Real Estate Investment and Development Company for about S$61 million. The acquisition effectively gives Surbana 70 percent control of a residential township project in Shenyang, in China's Liaoning province.
The site is strategically situated between the city centre and the Western Industrial Corridor.
The 56-hectare site will yield a potential gross floor area of about 1.1 million square metres.
The township development will have infrastructure and amenities, including schools, kindergartens, commercial and recreational facilities.
The Shenyang site is the fourth township project that Surbana has in China. The other projects are in Chengdu, Wuxi and Xi'an. The four projects will yield a total of about 55,000 residential units.
Group CEO of Surbana, Mr Tan Thai Hong, is pleased about the acquisition.
He said: "Our customer target group for the Shenyang township is the middle-income residents who need to shuttle between the city and the Western Industrial Corridor.
"This group of buyers is likely to be homeowners and therefore will not be affected by the Chinese government's anti speculation measures.
"We will also leverage on our Chinese partner's local connections and experience to ensure smooth delivery of the project and explore further investment and development opportunities in the city". - CNA/ms
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