CDL China, the China division of City Developments which was formed in August, has acquired its first development site in Chongqing, China for RMB 232 million ($45.7 million).
CDL China, through its wholly-owned Hong Kong subsidiary China Venture Investments, was awarded the site at a government land auction on Dec 15. The purely residential site, which consists of two adjacent plots of land totalling 27,200 square metres, is located on top of a historic hill, Eling, in Yuzhong District of Chongqing municipality.
CDL China intends to build an ultra luxurious low-rise development comprising of villas, duplexes and townhouses. The site boasts a panoramic perspective of Yuzhong District including a vantage view of the famous Yangtze River. Construction is expected to commence in 2011 and the initial plan is to build approximately 150 units.
The site sits next to the historic Eling Park and is about 3.5 km to the city centre landmark monument, Jie Fang Bei. The Gross Floor Area is 43,020 square metres and there is a height restriction varying from 15 to 18 metres to preserve the beauty of the surroundings. This will be the only residential villa site within a 5 km proximity to Jie Fang Bei and is expected to be a landmark development.
Eling Park used to be the private residence of a wealthy salt merchant in the closing years of the Qing Dynasty. During the resistance war against the Japanese Occupation in World War II, it served as the residence of Chiang Kai-Shek and Soong Mei Ling. The British ambassador and the Australian Embassy also resided here during that period. Throughout its tenure for these users, Eling Park was chosen for its scenery and tranquility – much sought-after ingredients for a private residential enclave and yet located so close to the city centre. |
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