CITYDEV JV WIN BIG TENDER FOR SHANGHAI PROJECT

SPOT_ON
12-09

City Developments Limited (CDL) has re-entered China with an acquisition of a mixed-use development site within Shanghai Xintiandi area in Huangpu District. Through a 51%-49% joint venture with Lianfa Group Co Ltd ( 聯發集團有限公司), the developers have been awarded a tender for 27,994 sqm site at RMB 8.9bn (c.SGD 1.7bn), translating to RMB 117,542 per square meter (psm) (c. SGD 21,827 psm). The site total permissible floor area of 76,027sqm and yield up to 77% of the GFA for residential use, with the remainder for commercial purposes (19% of GFA) and public amenities (4% of GFA). The preliminary design for the development will include 102 high-rise residential units, 92 luxury villas, 100-room boutique hotel and over 5,000 sqm of retail space. CDL’s equity interest in the site will amount to RMB 4.56 bn (SGD 846mn) and will be funded by internal resources and external loan.


DBS >>>>> No change to our TP and RNAV estimate for CDL. TP :  $10.50




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# US-China Dialogue: Is a Spring Coming for China Stocks?

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  • SPOT_ON
    ·12-10
    Great article, would you like to share it?
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  • SPOT_ON
    ·12-09
    Great article, would you like to share it?
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