Chinese developer acquires another residential plot in Singapore for US$462m
The Chinese real estate company is on an aggressive overseas spending spree this year, having paid a record HK$16.86 billion for a property site in Ap Lei Chau
Shenzhen-based Logan Property has Singapore firmly in its sights. The company has bought a large scale residential site for S$629 million (US$462 million) – its second in the city within five months.
The Hong Kong-listed firm won the bid for a project called Florence Regency located in Hougang district, in northeast Singapore, the company said on Friday.
“We think it’s a reasonable price,” said Derek Lee, investor relations director at Logan Property. “It’s in the core area of Singapore surrounded by comprehensive facilities.”
According to Lee, the average price is about S$8,600 per square metre (US$6,325). The 36,161 square metre site can be developed to accommodate 1,446 residential units with a gross floor area of 101,251 square metres.
The housing market in Singapore has seen mild recovery this year after the government eased some of the cooling measures in March. Singapore’s Urban Redevelopment Authority said that in the third quarter of this year, the overall private residential property price index moved up by 0.5 per cent, its first uptick in four years.
