Modern Land (China) (01107) and Beijing North Star (00588) said the consortium formed by them successfully acquired the state-owned land use rights of a parcel of land for rank 2 housing purpose, mixed residential and public construction land use and child care purpose in Qianjin Xincheng, Shunyi District, Beijing through an auction at Rmb1,260 million.
The land has site area of about 77,202 square metres and gross floor area (GFA) of 109,346 square metres. The land cost per GFA square metre is around Rmb11,523.
All the residential land of 59,012 square metres will be used for the construction of self-occupied commodity housing units with a limited selling price of Rmb18,000 per square metre of gross floor area and the largest unit will have floor area of no more than 90 square metres. The remaining area of the land will be used for the construction of commercial and community ancillary facilities.
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