SINGAPORE (Aug 14): CapitaLand has been awarded two prime residential sites in Guangzhou, China for RMB2.05 billion ($409.3 million).

The two sites measure up to about 150,000 sqm in total and the group intends to build around 1,300 homes on the sites by 2021 that will cater to first-time home buyers and upgraders.

The residential sites are located in Zengcheng District, which is set to be the engine of Guangzhou’s industrial growth and the site of the city’s future second international airport. It is also part of a mature residential zone and is surrounded by amenities such as malls, schools, a hospital and other residential developments.

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