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Yanlord in partnership to develop site in heart of Nanjing

SINGAPORE- Yanlord Land is joining hands with China Merchants Property Development (CMPD) and Poly Real Estate Group to develop a housing site located in the heart of Nanjing, the second largest city in east China with a population of well over 8 million.

SINGAPORE- Yanlord Land is joining hands with China Merchants Property Development (CMPD) and Poly Real Estate Group to develop a housing site located in the heart of Nanjing, the second largest city in east China with a population of well over 8 million.

The site, yielding a gross floor area of about 170,000 sq metres, is located in Nanjing’s Gulou district and was acquired through a public land auction for about 4.8 billion yuan (S$971 million). Under the terms of the agreement, Yanlord will hold a 33 per cent stake in the project company, the Singapore Exchange-listed Chinese developer said on Thursday (June 30).

The site enjoys excellent connectivity via key thoroughfares and is adjacent to a planned station of the city’s metro line route 9. It is also in close proximity to a comprehensive and mature suite of lifestyle amenities such as shopping malls, hospitals, libraries and schools, Yanlord said.

Mr Zhong Sheng Jian, Yanlord’s Chairman and Chief Executive Officer, said: “Prices for quality residential developments continue to rise on the back of a steady recovery in the Nanjing property market. With continued growth in population and a tighter land supply, demand for commodity housing in Nanjing has outstripped supply since the start of 2016, leading to a decline in inventory levels across the city.”

Before the aftermarket announcement, Yanlord shares closed unchanged at S$1.135 yesterday on the SGX, giving it a market capitalization of about S$2.2 billion, Bloomberg data showed.

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