CapitaLand in China reports upswing in residential property sales

Amounting to 5.5 times more than their January and February sales combined 

Shanghai, China. Sevenke/Shutterstock

CapitaLand Retail China Trust revealed that their sales offices throughout the country, which resumed operations in March, have earned over CNY1.3 billion (USD183.9 million) in residential property sales, reported The Straits Times.

This figure acquired for the month of March is 5.5 times more than their January and February sales combined.

The new La Botanica township in Xi’an that was launched last 24 March, for instance, has sold all 288 units within merely four days, which amounted to a gross sales value of CNY405 million.

More: China’s retail sector set to recover in the second half of 2020

Other high-profile sales that were acquired in the first quarter of 2020 include Citta Di Mare in Guangzhou at CNY390 million, La Riva also in Guangzhou at CNY288 million, and Jing’an One in Shanghai at CNY336 million.

Lucas Loh, group China president at CapitaLand, said that local residential investors have become more selective since the COVID-19 outbreak. Nevertheless, their sales figures since the reopening of their offices demonstrate a continuing demand for new homes.

According to the property developer, all their projects under construction have already resumed operations and they are now focused on recovering annual sales and reexamining handover targets.