CapitaLand Successfully Launches Four Residential Properties in October
Despite reports regarding a chill in the China property market sales, CapitaLand has successfully recorded a total of RMB 2bn home sales during the “2018 Golden September Silver October” season.
The “Golden September Silver October” marks China’s usual increase in home sales. CapitaLand did not disappoint with its four new launches selling more than 90% of its total units. The Parc Botanica in Chengdu sold out all 388 units for RMB332m; The Lakeside in Wuhan sold about 90% of 372 units for RMB322m; La Botanica in Xi’an sold 97% of 535 units for RMB585m, and The Metropolis in Kunshan sold over 90% of 324 units for RMB758m. In total, these four residential launches sold 1,506 units with a total value of approximately RMB2bn (SGD 396.7m). This marks CapitaLand’s highest home sales value in China over a 30-day period this year.
CapitaLand Group’s President Lucas Loh said that the buyers’ continuous support for their residential developments can be attributed to “CapitaLand’s strong brand recognition, high build quality, good property locations, and astute marketing strategies.”
The China real estate news reports say that the China property bubble has caused many home prices to rapidly increase, especially earlier this year. Because of this, China’s third and four-tier cities are experiencing downward pressure on home prices. This phenomenon reflects the chill or the slowdown in property consumption this Golden September Silver October.
Despite this, the property market it top-tier cities recorded solid sales. In the first half of 2018, CapitaLand sold 97% of its launched residential units and handed over nearly 3,000 units. For the second half of the year, CapitaLand expects to hand over than half of the 8,000 units valued at a total of RMB 16.2bn (SGD 3.2bn) which had been sold in China.
Loh further said that “Amidst market headwinds, our land banking strategy, an extensive network of partnerships and robust financial position will put CapitaLand in good stead to continue benefitting from China’s growth.”
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