(13 November 2011 - Hong Kong) C C Land Holdings Limited ("C C Land" or the "Company", together with its subsidiaries, collectively known as the "Group"; stock code: 1224) is pleased to announce that it has successfully acquired two land lots in Chongqing, adding up to 868,000 sqm in gross floor area ("GFA") to the Group's portfolio.
The Land Lot in Nan'an District ("Nan'an Land Lot") was acquired by the Group through a wholly-owned subsidiary in conjunction with a 51%-owned subsidiary - Chongqing Verakin Real Estate Company Limited. The total consideration for this Land Lot is approximately RMB1.88 billion.
In addition, the Group has acquired another Land Lot in the Jiangnan New District, Wanzhou District ("Wanzhou Land Lot") through its wholly-owned subsidiary at a consideration of approximately RMB298 million.
Site in Nan'an District
The Nan'an Land Lot occupies a total site area of approximately 216,000 sqm and has a permitted GFA of approximately 598,000 sqm. The average accommodation value is about RMB3,150 per sqm in GFA. Its location is excellent and convenient with comprehensive facilities, and also enjoys a commanding view of the Yangtze River. The area along the riverside is most suitable for the development of luxury high-end properties.
Located on Xuefu Road, Nan'an District, the Nan'an Land Lot is situated next to The Chongqing Jiaotong University, approximately 100 meters away from the Jiaotong University Light Rail Station for Light Rail Line No. 3, which is expected to commence operation by the end of 2012, enhancing the value of the land lot.
Site in Jiangnan New District, Wanzhou District
The Wanzhou Land Lot occupies a total site area of approximately 119,400 sqm and has a permitted GFA of approximately 270,000 sqm, translating into an accommodation value of about RMB1,100 per sqm in GFA. It is planned for the development of a residential and commercial project.
Situated in northeast Chongqing, on Nanbin Road, Jiangnan New District in the Wanzhou District, the site is close to one of the Group's developing projects - "Riverside One, Wanzhou", and the planned commercial centre in the Jiangnan New District.
Commenting on the land acquisition, Dr. Peter Lam, Deputy Chairman and Managing Director of C C Land, said, "The successful acquisition of the two land lots demonstrates the Group's capability in purchasing premium sites at a reasonable price in the current market conditions. It forms a solid foundation for the Group's sustainable growth in profitability. Our current projects under development in the same regions, such as 'Verakin New Park City' in Nan'an District as well as 'Riverside One' in Wanzhou are well-received by end users. We believe these projects will become another instant success."
Dr. Peter Lam further added, "Leveraging on our strong financial position and our expanding project teams, we will continue to look for other land acquisition opportunities, not only in cities where we already have a presence, but also other cities with high economic growth in Western China."
Source:Irasia