SINGAPORE (Aug 21): CWG International, the developer formerly known as Chiwayland International, says its subsidiary put in a successful bid for the land use rights of a land parcel in China.

The land parcel comprises a site area of 40,612 sqm with a plot ratio of 2.1.

Suzhou Chiway Shangcheng Real Estate Co. put in the winning bid of RMB454 million ($93 million) for the land use rights of a land parcel located at Changshu city in Jiangsu province.

The bidding is part of the group’s ongoing effort to participate in auctions for prospective land to build up its land bank.

Changshu is a Tier-3 city located on the Yangtze River Delta and is under the administration of Suzhou. It borders Wuxi to the West and Suzhou and Shanghai to the South.

The auction and acquisition of the land parcel is in line with the group’s strategy to build scale in China and will add to the group’s projects targeting the Tier-3 market which is presently experiencing high sales turnover.

The development on the land parcel is not expected to be completed before 2019.

In a separate filing, CWG announced it has acquired the remaining 30% stake in Xuancheng Xinkaiyuan Real Estate Development Co. for RMB38 million.

This follows the acquisition of a 70% stake in China land owner in July.

Both the acquisitions were undertaken by Suzhou Chiwayland Group Co.

The total consideration for the 100% equity stake paid by Suzhou Chiwayland amounted to RMB145.7 million.

Following the latest acquisition, Xuancheng Xinkaiyuan will become a wholly owned subsidiary of the company.

The acquisition was fully satisfied in cash, funded from the company's internal resources.

Shares in CWG ended at 14.5 cents on Monday.