Capitaland: Surbana Land sells 720 apts or 78% of the 922 units launched in phase 4 of its La Botanica township project in Xian at ASPs of Rmb5.6k or $1.1k psm. The 135 ha township will house a total of 24.7k homes. Project's phase 2 launch are selling at ASPs of Rmb7k psm with 85% of the 1704 units launched sold, while Phase 3 units consisting of terrace and garden apt are selling at ASPs of $9.5k psm. Since Nov'08, Surbana has launched approx 3800 homes in La Botanica, with close to 90% sold.
With its partners, Surbana sits on a landbank of approx 6.25m sqm in gfa, with investments totalling US$600m. CAPL acquired a 40% in Surbana Corp for $360m in Apr 11, with other 60% owned by Temasek Hldgs. Co now trades at P/B 0.77x with historical low at 0.63x
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