CapitaLand wins bid for prime mixed-use site in Guangzhou Science City for RMB882 million
Gathering strong capital recycling momentum in China with over S$1 billion invested in 2018 and following almost S$2 billion in same-year divestments
Singapore, 12 November 2018 – CapitaLand has successfully clinched a prime mixed-use site in Guangzhou, China, for RMB882 million (about S$175.2 million). The 4.7-hectare greenfield site in Huangpu District – one of China’s wealthiest districts by GDP per capita – is located within Guangzhou Science City, a government-backed innovation and technology hub. The gross floor area (GFA) to be built on the site totals 142,107 square metres (
Mr Lucas Loh, President (China & Investment Management), CapitaLand Group, said: “The timely acquisition of our newest mixed-use site in Guangzhou will strengthen and diversify CapitaLand’s portfolio to capture the new wave of growth in the Guangdong-Hong Kong-Macao Greater Bay Area. It also marks CapitaLand’s foray into Guangzhou’s booming office market. Including this latest acquisition and the two prime residential sites in Zengcheng District added in August, CapitaLand will have a diverse pipeline of
Guangzhou Science City is a key component of China’s plans to turn the Guangdong-Hong Kong-Macao Greater Bay Area from a strong manufacturing base into a science and technology powerhouse. It is currently home to more than 110 Fortune-500 companies and over 380 research and development facilities. The modern multi-functional science park is accessible via Metro Line 6 and upcoming Metro Line 21; and is a short 30-minute drive from Pearl River New Town CBD. CapitaLand’s site circles a hill park in the heart of Guangzhou Science City, surrounded by major tech companies such as Alibaba, Intel, Samsung, Microsoft and IBM.
Mr Puah Tze Shyang, Chief Investment Officer, CapitaLand China, said: “Growing demand for office space in Guangzhou Science City, underpinned by Guangzhou’s push to attract innovation and tech companies, has led to a
Including the acquisition in Guangzhou Science City, CapitaLand currently owns/manages 45 developments across eight cities in the Guangdong-Hong Kong-Macao Greater Bay Area. This quality portfolio of four integrated developments (including Raffles City Shenzhen), 10 residential developments, four shopping malls and 27 serviced residences in the Greater Bay Area, will further anchor the Group’s growth as the region draws more investments and talents.
Launched in March 2017, the Greater Bay Area project aims to integrate Guangzhou and 10 other cities along Pearl River Delta into a massive economic cluster with 56,000 square kilometres of land and around 70 million people. The integration will be supported by cross-border transport
In 2017, Guangzhou achieved a strong 7.5% economic growth, becoming the fourth Chinese city after Shanghai, Beijing and Shenzhen to record a GDP exceeding RMB2 trillion. Guangzhou is part of the five core city clusters under CapitaLand’s China strategy, which comprises Beijing/Tianjin, Shanghai/Hangzhou/Suzhou/Ningbo, Guangzhou/Shenzhen, Chengdu/Chongqing/Xi’an, and Wuhan.
PROPERTY SUMMARY
Address |
Core zone of Science City, Huangpu District, Guangzhou, Guangdong Province |
|
Description |
An integrated development comprising office, retail space and serviced residence circling a hill park |
|
Site area |
47,369 |
|
GFA |
Investment properties (office, retail space, serviced residence) |
99,475 |
Strata properties |
42,632 |
|
Total |
142,107 |
|
Target completion |
Scheduled for 2022 |
1 CBRE, 30 August 2018, The Rise of The Greater Bay Area as the World’s Largest Bay Area Economy.
2 Euro Money, 29 June 2018, Greater Bay binds old Hong Kong to new Shenzhen.
1 CBRE, 30 August 2018, The Rise of The Greater Bay Area as the World’s Largest Bay Area Economy.
2 Euro Money, 29 June 2018, Greater Bay binds old Hong Kong to new Shenzhen.
1 CBRE, 30 August 2018, The Rise of The Greater Bay Area as the World’s Largest Bay Area Economy.
2 Euro Money, 29 June 2018, Greater Bay binds old Hong Kong to new Shenzhen.
1 CBRE, 30 August 2018, The Rise of The Greater Bay Area as the World’s Largest Bay Area Economy.
2 Euro Money, 29 June 2018, Greater Bay binds old Hong Kong to new Shenzhen.