Century Bridge Capital, an equity investment capital company, has invested in a residential project in Taicang, China, being developed by Jingrui.
The $114m residential development will have an above-ground built-up area of 65,511m² on a site of 32,722m². It will include eight high-rise buildings with 676 residential units along with 503 underground parking spaces.
Taicang city in the district of Suzhou in Jiangsu province is located south of the Yangtze River estuary bordered by Shanghai to the south and serves as an extension to Shanghai’s manufacturing footprint.
The city is claimed to be home to more than 3,000 German companies, with a total investment of over $5bn. These companies are clustered next to Taicang’s High-tech Zone. With limited availability of land, there is a lack of residential supply in the downtown of the city. There are claimed to be only seven comparable projects.
Century Bridge Capital CEO Tom Delatour said: “The Taicang opportunity allowed us to invest in a project supported by strong local industry drivers and build on our established relationship with Jingrui. Taicang’s solid economic fundamentals support the viability of the current and longer-term residential market.
“We believe the 676 unit project is well positioned to capitalize on its location adjacent to the city’s High-tech Zone. In addition, the strength of the local economy should support the ongoing demand for attractive affordable downtown housing. With presales estimated to start in November 2020 we feel our timing is right on target.”
Due to increasing job opportunities in the region, the permanent population has also increased by nearly 12,200 residents in the past five years.
The project is within close proximity to elementary and high schools, medical services, shopping centres, parks and recreation facilities. Two high-speed railways are under construction and are expected to be completed by this June. Upon completion, the travel time to Shanghai could be reduced to 15 minutes.
Century Bridge Capital president Wei Deng said: “We are pleased to be developing a third project with Jingrui.
“Their established local development and sales team with whom we will be working has developed two projects in Taicang with a total gross floor area of 545,197 square meters generating revenue exceeding RMB 5 billion.”
Previously, Century Bridge Capital partnered with Jingrui for the project in Ningbo and Wuxi.
