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CapitaLand is “bullish” of the growth potential in China’s Greater Bay Area, which is morphing from a strong manufacturing base into an interconnected tech, economic and innovation global powerhouse under a new government blueprint.
In fact, the region’s gross development product (GDP) is expected to more than double by 2030 to US$4.1 trillion as the population expands from 77 million to 88 million.
“CapitaLand has a well-established presence in Guangzhou and Shenzhen, the core growth engines in the Greater Bay Area, which are also part of our core city clusters in China,” said Lucas Loh, CapitaLand Group’s president for China and investment management.
The company’s five core city clusters in China are Shanghai/Hangzhou/Suzhou/Ningbo, Beijing/Tianjin, Chengdu/Chongqing/Xi’an, Guangzhou/Shenzhen and Wuhan.
Loh revealed that the company have been ramping up its pipeline in Guangzhou in the past year with the successive purchase of two residential sites in Zengcheng District as well as a mixed-use site in Guangzhou Science City – a vital component in China’s plans to transform the Greater Bay Area.
To date, CapitaLand has 46 developments that are strategically situated alongside key infrastructural networks within the Greater Bay Area.
These include the Datansha urban renewal project, 27 serviced residences, 11 residential developments, three integrated developments (including Raffles City Shenzhen) and four shopping malls.
Loh noted that these developments “will anchor the group’s growth as the region draws more investments and talents that will increase the demand for quality real estate – from homes and offices to shopping malls and lodging”.
The completion of the proposed acquisition of Ascendas-Singbridge is also expected to expand CapitaLand’s network within the Greater Bay Area, with the inclusion of Ascendas OneHub GKC and the China-Singapore Guangzhou Knowledge City.
Looking ahead, Loh said the group will continue to harness its global expertise “in developing innovative and quality real estate products and services to support the economic transformation of the Greater Bay Area”.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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