Developer steps up delta expansion
Sun Hung Kai Properties, Hong Kong's largest developer by market capitalisation, will invest about two billion yuan in a commercial-residential project in Suzhou, significantly expanding its footprint in the populous Yangtze River delta region.
'We are now working on the master plan for the project,' said Alfred So Chung-keung, executive director of SHK Real Estate Agency, after the group bought three adjacent sites in Suzhou earlier this month for about 1.54 billion yuan, or an accommodation value of 353 yuan per square metre.
Mr So said the three plots of land with a total gross floor area of 4.36 million square metres will be used to build low density luxury housing, offices and a hotel.
The group also acquired a 467,200 sq-metre commercial site in Hexi district in Nanjing, for a total consideration of 833 million yuan earlier this month.
Both the projects in Suzhou and Nanjing were still in the planning phases and there was no timetable for launch dates yet, said Mr So.