CapitaLand’s home sales in China hit 2bil yuan

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CapitaLand’s home sales in China hit 2bil yuan

CapitaLand held four residential launches in China over the past month, in which it sold a total of 1,506 units worth 2 billion yuan ($396.7 million)...

La Botanica in Xi’an is one of four residential developments launched in “Golden September Silver October” season. (Photo: CapitaLand)

CapitaLand held four residential launches in China over the past month, in which it sold a total of 1,506 units worth 2 billion yuan ($396.7 million) – marking the company’s highest home sales value in the country over a 30-day period this year.

In an SGX filing, CapitaLand revealed that its successful launches coincided with ‘Golden September Silver October’, a traditional high season for new home sales in China.

More: CapitaLand Gets $300m Sustainability-Linked Loan

In fact, the company sold out all 388 units at Parc Botanica in Chengdu for 332 million yuan. It moved 97 percent of 535 units at La Botanica in Xi’an for 585 million yuan, and about 90 percent of 372 units at Lakeside in Wuhan for 322 million yuan.

Over 90 percent of 324 units at The Metropolis in Kunshan was also sold for 758 million yuan.

Meanwhile, CapitaLand noted that its pipeline of 2,000 launch-ready residential units will be released according to market conditions. It also acquired three prime sites in Guangzhou and Chongqing between June and August this year, adding 3,400 units to its pipeline of housing units under development.

“The sustained interest in our residential developments can be attributed to CapitaLand’s strong brand recognition, high build quality, good property locations and astute marketing strategies,” said Lucas Loh, president (China & Investment Management) at CapitaLand Group.

“CapitaLand will remain disciplined in our investment approach to build a sustainable residential pipeline in China, while ensuring an optimal mix between trading and investment properties that will deliver sustainable value to shareholders. Amidst market headwinds, our land banking strategy, extensive network of partnerships and robust financial position will put CapitaLand in good stead to continue benefitting from China’s growth.”

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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg