CDL venture Sincere sees recovery in sales at Chengdu project, Companies & Markets

CDL venture Sincere sees recovery in sales at Chengdu project, Companies & Markets

Thu, Nov 26, 2020 - 4:00 PM CHINA-BASED property developer Sincere Property Group on Thursday posted 150 million yuan (S$30.6 million) in sales

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Thu, Nov 26, 2020 – 4:00 PM

CHINA-BASED property developer Sincere Property Group on Thursday posted 150 million yuan (S$30.6 million) in sales for the first day of its third phase launch of its TianFengHe Mansion project in Chengdu, Sichuan province in China.

Singapore property developer City Developments Limited (CDL) acquired a 51 per cent stake in Sincere Property for 4.39 billion yuan in April this year.

Sincere Property said in a press statement that it launched 540 units out of the project’s 762 units. Some 430 units or about 80 per cent of the newly-launched units were sold leading up to Nov 25.

Based on the latest confirmed sales, TianFengHe Mansion units sold in November 2020 had an average selling price of 13,700 yuan per square metre (sq m). This was 8.7 per cent higher than the 12,599 yuan per sq m for units sold in March 2020 when buyer sentiment was at its lowest, Sincere Property said.

The TianFengHe Mansion project launched in December 2019. It has an estimated saleable gross floor area (GFA) of 360,000 sq m and total sales value of up to 4.6 billion yuan.



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