Singapore-listed Yanlord Land Group has outbid 10 Hong Kong and mainland developers for a mixed-use site in Suzhou, paying 2.16 billion yuan for the property to strengthen its foothold in the fast-growing mainland city.
The company said it secured the site on Wednesday after 281 rounds of fierce bidding by a number of rivals including China Resources Land and China Merchants in the auction hall.
The price paid represented 6,400 yuan per square metre.
Yanlord's winning bid, which was 82.68 per cent above the 1.18 billion yuan opening bid, and the number of developers who took part reflected strong confidence in the Suzhou market, property agents said.
About 80km from Shanghai, the site is on a small island on Jinji Lake in Wuzhong district, near the city centre of Suzhou.
The site would be developed into a luxury residential zone with townhouses, fully fitted flats, ancillary commercial facilities and serviced apartments, according to the company.