[photopress:real_estate_Raffles_City_Shanghai.jpg,full,alignright]Southeast Asia’s biggest property developer CapitaLand has bought a commercial site in Zhenjiang in a government land tender for RMB1.043 billion.
The 40,355-square-meter site is in Hangzhou city in Zhejiang Province. CapitaLand said it plans to build its fourth Raffles City development in China on this site. Our illustration is of the existing Raffles City in Shanghai.
The development will have an office tower, a retail mall, a five-star hotel and apartments. It will be called Raffles City Hangzhou and is expected to be completed by 2011.
Liew Mun Leong, president and chief executive officer of CapitaLand said, ‘Given the site’s excellent location, we are confident Raffles City Hangzhou will become a new landmark in the city, attracting consumers, tourists and business travelers from all over China and beyond.
‘With growing interest from many countries to have CapitaLand develop a Raffles City in their respective cities, we aim to have a total of ten Raffles City developments within the next five years.’