Following the partial divestment, CDL China Limited (CDL China), continues to retain a 30% and 50% equity stake in Chongqing Huang Huayuan and Eling Residences respectively for future upside. The strategic partnership will see both projects being jointly developed and managed by CDL China and Vanke, one of China’s largest real estate developers.
Chongqing Huang Huayuan is a mixed development which sits on a site area of 23,512 square metres (sqm) with total gross floor area (GFA) of approximately 121,151 sqm. The prime site is centrally located in the Yuzhong District between the two core central business districts of Jiefangbei and Jiangbeizui, with views of the Jialing River and Jiangbeizhui city. The design of the development is currently under review by the joint venture (JV) entity.
Eling Residences is now a completed 126-unit luxury residential development designed by internationally renowned architect Moshe Safdie with a total GFA of approximately 35,486 sqm. Positioned at the peak of Eling Hill in the Yuzhong District, Eling Residences’ prime location offers panoramic views of the Yangtze and Jialing Rivers. Going forward, the JV entity will manage the sales and marketing efforts for the project.
Mr Mark Yip, CEO of CDL China said, “As part of CDL’s diversification, China is one of the Group’s key overseas markets. Since CDL China was established in 2010, we have acquired prime sites in the major growth cities of Chongqing, Shanghai and Suzhou. This cooperation agreement with Vanke marks the start of our strategic partnership with one of China’s leading real estate developers. We hope to tap on Vanke’s extensive local experience and expertise, business networks and development capabilities in China for the two prime Chongqing projects.”
“CDL will also contribute our international knowledge, best practices and networks to further enhance the projects’ positioning, design and sales channels, creating a win-win alliance with Vanke. This CDL-Vanke partnership will pave the way for future collaborations and business expansion opportunities in both China and Singapore,” he said.
“This partial divestment is in line with CDL’s strategy of recycling capital for our expansion plans. We are actively exploring new acquisitions and investments to grow our presence in China,” Mr Yip added.