CapitaLand wins bid for Guangzhou mixed-use site worth $126.63m

Guangzhou Science City is currently home to more than 110 Fortune-500 companies and over 380 research and development facilities.

Singapore-based property developer CapitaLand has won the bidding for a prime mixed-use site in Guangzhou for RMB882 million ($126.63 million), marking its foray into the Chinese city’s booming office market.

According to the company’s statement on Monday, the site is located within Guangzhou Science City, promoted as an innovation and technology hub.

The project will be developed on the 4.7 hectare (11.6 acre) land in Huangpu, one of the wealthiest districts in China, with the gross floor area of 142,107 sq m. Of total, 70 per cent will be office, retail and serviced residence and the rest will be developed into low-density strata offices.

It said the development is targeted for completion by 2022 to serve the rising demand for office spaces from tech companies. CapitaLand holds 75-per cent stake in the development while the rest is held by an unrelated third party.

“The timely acquisition of our newest mixed-use site in Guangzhou will strengthen and diversify CapitaLand’s portfolio to capture the new wave of growth in the Guangdong-Hong Kong-Macao Greater Bay Area,” Lucas Loh, President of China & Investment Management at CapitaLand Group, said.

He added CapitaLand has divested close to S$2 billion worth of assets to date and reinvested into new higher-yielding assets valued at S$1.05 billion ($760.24 million) in China this year.

Including the latest acquisition, CapitaLand currently owns and manages 45 developments across eight cities in Guangdong-Hong Kong-Macao Greater Bay Area. The portfolio comprises four integrated developments including Raffles City Shenzhen, 10 residential developments, four shopping malls and 27 serviced residences in the Greater Bay Area.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.