Agile Property acquires land use rights in Zhongshan

Sep. 7, 2009 (China Knowledge) - Hong Kong-listed Agile Property Holdings Ltd<3383> has acquired land use rights of a piece of land in Zhongshan, Guangdong Province, sources reported.

The deal is worth RMB 330 million, and the company plans to build high-end residential properties on the site, targeting clients from Zhuhai, Zhongshan as well as Hong Kong and Macau.

The land, located in Cuiting County, Nanlang Town, covers an area of about 347,323 square meters and has a potential floor area of 491,859 square meters. The estimated cost of the land is RMB 671 per square meter in potential floor area. It will take only 45 minutes to drive to Hong Kong upon the completion of the Hong Kong-Zhuhai-Macau Bridge, sources said.

Apartments and villas in the same area are selling at prices of RMB 4,200 and RMB 10,000 on average, respectively.

Agile Property will hold a board meeting about the company's first-half results on Wednesday. The property developer will also consider declaring an interim dividend for shareholders, according to an earlier from China Knowledge.

In addition, the firm won the bids for two pieces of residential land for a total of RMB 717 million in Guangzhou.

Shares of Agile Property surged 7.04% to close at HK$9.73 on Friday.