#Chengdu draws Singapore #real estate developers
The pace of China’s economic growth has eased markedly but investment interest in the country, especially in second-tier cities such as Chengdu, by investors from Singapore appears to have waned little.
According to the Sichuan Department of Commerce, there were cumulatively 447 projects by Singapore companies in the province as at the end of last year, of which 282 were in the capital itself.
The investments are varied and span a number of sectors, with real estate pulling in the most in terms of value. Major property players include CapitaLand, Keppel Land as well as Surbana – a joint venture between Temasek Holdings with 60 per cent and CapitaLand with 40 per cent. And the Hong Leong Group’s Millennium Hotels operates the Millennium Chengdu.
Frasers chief executive Choe Peng Sum said the opening of Fraser Suites Chengdu “is also a clear reflection of the confidence we have in China’s dynamic growth, which we are very excited to be a part of.
“Our strategy will be to continue to strengthen our presence across China to meet the demand for premier international serviced residences, both in primary as well as burgeoning secondary high-growth cities like Chengdu, where foreign direct investment and tourism are expected to increase exponentially in the next few years.”
Making an even bolder bet on Chengdu is CapitaLand, which has poured billions into residential and other projects in the city. By the end of next year, the developer will have five malls in the city, including Raffles City Chengdu that will comprise a retail mall, an office tower and a five-star hotel or serviced residence.
Chengdu is also the site of Surbana and Keppel Land’s first joint township development, The Botanica, which is located on a massive 65-hectare site. To date, more than 7,000 residential units have been sold at The Botanica. Surbana, which describes itself as builder of mid-level homes, has five projects in Chengdu with a potential yield of 57,000 housing units.
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