Singapore – Keppel Land China Limited (Keppel Land China) is forming a joint venture with property developer, CIFI Holdings (Group) Co., Ltd. (CIFI), to jointly develop a 5.85-hectare residential site in New District, Taicang City, Jiangsu Province, China.
Keppel Land China, through a wholly-owned subsidiary, has acquired a 49 percent equity interest for approximately RMB498 million (approximately S$97 million) in Taicang Xuchang Property Co., Ltd. (TXPC), which owns the site. The remaining 51 percent stake will be held by Shanghai Shengji Industrial Co., Ltd., a subsidiary of CIFI.
The site has a gross floor area of 117,052 square metres and can yield 1,072 high-rise residential units. Phase 1 is expected to be launched in fourth quarter of 2020 and development of the entire project is slated for completion in 2021. The estimated total development cost for the project is expected to be in excess of RMB2.4 billion (approximately S$469 million).
Located in the southeastern part of Jiangsu Province, Taicang City borders Shanghai and is 40 kilometres from Shanghai’s city centre. The city is often regarded as Shanghai’s gateway city to the north. Taicang City has been identified as a key city for the integration of Yangtze River Delta economies. With the infrastructure development that is already underway and backed by a sound industrial base, it is well-positioned to enjoy opportunities brought about by China’s Yangtze River Delta integration plan.