CapitaLand China, a subsidiary of Singapore’s largest real estate developer announced recently that it had acquired a residential site in the port city of Ningbo in eastern China’s Zhejiang province for S$232 million (US$181.45 million).

The 57,370 square metre site in the Sunjia area of the city’s Jiangbei district was acquired through a government land auction, and CapitaLand said in a statement that it intends to develop approximately 1,100 homes on the property.