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Singapore-China cooperation to boost housing demand for CDL
CDL's Eling Residences stand to benefit from the collaborative efforts.
City Developments Limited (CDL) is buoyant on its China projects despite many Chinese cities implementing property cooling measures.
The real estate developer, which has footprint in the cities of Shanghai, Suzhou, and Chongqing, is counting on economic ties between Singapore and China to drive housing demand and entice investors to its various project locations.
“China may be a tough market, but having built up our land bank in China, we are well positioned to take advantage of the opportunities that will arise from bilateral agreement projects between Singapore and China,” said Mark Yip, chief executive officer of CDL China.
Yip added that CDL is focusing on its diversification strategy on top-tier Chinese cities, as half of its international land bank, or more than 2.6 million square feet of proposed Gross Floor Area, is in China. He particularly sees growth in Chongqing, where many Fortune 500 companies, such as Coca-Cola, General Electric, and Fujitsu, have set up investments.
“Migration from lower tier cities to Chongqing is bound to occur as job opportunities become available, leading to an increase in demand for housing,” Yip said.
Chongqing hosts two of CDL’s key projects in China—the newly-launched 126-unit luxury Eling Residences and the mixed-use development Huang Huayan, which is set to launch in 2019.
Located in 94 locations in 26 countries, CDL’s portfolio comprises residences, offices, hotels, serviced apartments, integrated developments, and shopping malls totalling over 18 million square feet of floor area. #
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