Property Information
On 4 Nov 2015, ETC Singapore has, through its wholly-owned subsidiary Cedar Properties Private Limited, acquired 60.0% of the registered capital of Huizhou Daya Bay Mei Tai Cheng Property Development Co., Limited (“Daya Bay”), for an aggregate consideration of RMB48 million. The brownfield project comprised, inter alia, 1,116 suites of decorated apartments with a gross floor area of approximately 552,000 square feet, with a mixture of residential apartments (717 units, 336,052 sq ft) and holiday rental apartments (399 units, 215,872 sq ft). With a strategic location, the development benefits from being a domestic tourism hotspot due to its close proximity to large cities including Shenzhen, Zhuhai, Guangzhou, Hong Kong, and Macau. Within close vicinity of the development is Shenzhen’s largest seafood market among other tourism resources. Construction of the development has been completed and the handover of the apartments for sale to purchasers commenced from 3Q2015.
- Acquisition cost: RMB48.0m for 60.0% stake; completed in Oct 2015
- Consists of residential apartments (717 units, 336,052 sq ft) and holiday rental apartments (399 units, 215,872 sq ft)
- Domestic tourism hotspot (particularly in summer); biggest seafood market in Shenzhen
- Close proximity to large cities – Shenzhen, Zhuhai, Guangzhou, Hong Kong, and Macau
- Government support: creation of a second Sanya supported by tourism resources, etc.
