Singapore developer, Keppel Land, is developing a waterfront township in Shenyang, China, targeting the upper-middle market.
The site is located in the Hunnan New District outside the Second Ring Road and is a 20-minute drive from the city centre.
It was acquired by Keppel Land´s wholly-owned subsidiary, Da Di Investment Ptd Ltd for S$180 million and occupies an area of 30.3 ha.
The area will be developed into a residential township comprising about 6, 000 high-quality waterfront apartments supported by complementary commercial components.
The waterfront development commands a 900m frontage along the 400m wide Hun River and additional frontage along an 80m wide river tributary flowing into the Hun River.
“Choice waterfront sites are few and select in Shenyang. With its connectivity and proximity to Shenyang’s Central Business District, we are confident that Keppel’s new site will be a coveted residential address,” says Ang Wee Gee, executive director and chief executive officer (International) of Keppel Land.
Keppel said the initial phase of 1, 200 apartments is expected to be launched progressively, starting from the second half of 2011.
Shenyang is the capital city of Liaoning Province and is strategically located within China’s major growth area in the Bohai Economic Rim.
It is also a gateway to Northeastern China where it plays a crucial role as its economic, industrial, commerce and transportation centre.
Shenyang´s strong economic performance and rapid urbanisation have led to increased and sustained demand for more homes.
Keppel said the Shenyang project will increase the company’s portfolio in China to more than 30, 000 homes.
This waterfront project is Keppel Land’s second township in Shenyang.
Its first similar project was a 34-ha integrated township development in Shenbei New District.