CapitaLand records RMB2 billion home sales in China's “Golden September Silver October” season
CapitaLand records RMB2 billion home sales in China during “2018 Golden September Silver October” season
Singapore, 7 November 2018 – CapitaLand held four successful residential launches in the past month, which coincided with “Golden September Silver October” – China’s traditional high season for new home sales. Parc Botanica in Chengdu sold out all 388 units for RMB332 million; The Lakeside in Wuhan sold about 90% of 372 units for RMB322 million; La Botanica in Xi’an sold 97% of 535 units for RMB585 million; and The Metropolis in Kunshan sold over 90% of 324 units for RMB758 million. In total, these four residential launches sold 1,506 units with a total value of approximately RMB2 billion (S$396.7 million). This marks CapitaLand’s highest home sales value in China over a 30-day period this year.
Mr Lucas Loh, President (China & Investment Management), CapitaLand Group, said: “As China’s urbanisation continues unabated, the underlying demand for new homes in first- and second-tier cities that are part of CapitaLand’s core city clusters strategy remains healthy. This could be seen in the strong sales achieved during this year’s ‘Golden September Silver October’ season for four of CapitaLand’s residential launches. 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.”
“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.”
CapitaLand has a pipeline of another 2,000 launch-ready residential units, which will be released according to market conditions. These include units in La Riva, CapitaLand’s first residential development in Guangzhou’s Datansha urban renewal project, and Century Park in Chengdu. Between June and August 2018, CapitaLand has also acquired three prime sites in Chongqing and Guangzhou, adding 3,400 units to its pipeline of residences under development.
In the first half of 2018, CapitaLand sold 97% of its launched residential units and handed over close to 3,000 units, an increase of 20% over the same period in 2017. In the second half of the year, CapitaLand expects to hand over more than half of the 8,000 units valued at a total of RMB16.2 billion (S$3.2 billion) which had been sold in China.
The five core city clusters under CapitaLand’s China strategy are Beijing/Tianjin, Shanghai/Hangzhou/Suzhou/Ningbo, Guangzhou/Shenzhen, Chengdu/Chongqing/Xi’an, and Wuhan.