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<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>CapitaLand's Gulf sales hit $1b
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Buyer interest has been strong for CapitaLand's Arzanah integrated development (above) and Raffles City Bahrain. -- GRAPHICS: CAPITALAND
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->SALES for CapitaLand's Middle-Eastern residential ventures have crossed the $1 billion mark. A total of 849 residential units have been booked in the mainboard-listed company's developments in the Gulf Cooperation Council (GCC) states of Abu Dhabi and Bahrain.
The first, Raffles City Bahrain, attracted strong buyer interest at its private launch in June. At the time, 96 units of the integrated development - comprising three residential towers with 641 apartments, landscaped sky villas, high-end retail, food and beverage facilities and five-star serviced residences - were snapped up.
Sales have now hit 115 units at an average price of about $6,627 per sq m. This is a 29.6 per cent premium over the prices of other quality residential apartments in Bahrain, said CapitaLand.
In Abu Dhabi, CapitaLand has Rihan Heights, part of an integrated development called Arzanah. It will comprise five residential towers, leisure and sports facilities and retail space on a 1.4 million sq m site around Abu Dhabi's Zayed Stadium.
CapitaLand said that 85 per cent - or 734 out of 868 - of Rihan Heights' residential units have been booked since the development was launched last month.
The average sale price achieved ranged from $9,717 to $10,514 per sq m, depending on the size, level and orientation of the units.
Mr Liew Mun Leong, president and chief executive of CapitaLand Group, said: 'The successful take-up rate is a firm endorsement of our ability to export our proven multi-sector business model to new markets.
'The Ascott Group, our serviced residence arm, has over 600 units in the key cities of Bahrain, Qatar and the United Arab Emirates to cater to the demand for international- class accommodation from expatriates and business travellers.'
Raffles City Bahrain is expected to be ready in the fourth quarter of 2010, while Rihan Heights is slated for completion in early 2011. MICHELLE TAY
<TR><TD width="33%">View all thumbnail</TD><TD class=georgia12 align=middle width="33%">Photo 2 of 2</TD><TD align=right width="33%">« Prev Next »</TD></TR><TR><TD vAlign=top colSpan=3>GRAPHICS: CAPITALAND </TD></TR></TBODY></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>CapitaLand's Gulf sales hit $1b
</TR><!-- headline one : end --><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
Buyer interest has been strong for CapitaLand's Arzanah integrated development (above) and Raffles City Bahrain. -- GRAPHICS: CAPITALAND
</TD></TR></TBODY></TABLE>
<TABLE><TBODY><TR><TD>
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->SALES for CapitaLand's Middle-Eastern residential ventures have crossed the $1 billion mark. A total of 849 residential units have been booked in the mainboard-listed company's developments in the Gulf Cooperation Council (GCC) states of Abu Dhabi and Bahrain.
The first, Raffles City Bahrain, attracted strong buyer interest at its private launch in June. At the time, 96 units of the integrated development - comprising three residential towers with 641 apartments, landscaped sky villas, high-end retail, food and beverage facilities and five-star serviced residences - were snapped up.
Sales have now hit 115 units at an average price of about $6,627 per sq m. This is a 29.6 per cent premium over the prices of other quality residential apartments in Bahrain, said CapitaLand.
In Abu Dhabi, CapitaLand has Rihan Heights, part of an integrated development called Arzanah. It will comprise five residential towers, leisure and sports facilities and retail space on a 1.4 million sq m site around Abu Dhabi's Zayed Stadium.
CapitaLand said that 85 per cent - or 734 out of 868 - of Rihan Heights' residential units have been booked since the development was launched last month.
The average sale price achieved ranged from $9,717 to $10,514 per sq m, depending on the size, level and orientation of the units.
Mr Liew Mun Leong, president and chief executive of CapitaLand Group, said: 'The successful take-up rate is a firm endorsement of our ability to export our proven multi-sector business model to new markets.
'The Ascott Group, our serviced residence arm, has over 600 units in the key cities of Bahrain, Qatar and the United Arab Emirates to cater to the demand for international- class accommodation from expatriates and business travellers.'
Raffles City Bahrain is expected to be ready in the fourth quarter of 2010, while Rihan Heights is slated for completion in early 2011. MICHELLE TAY
