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Monday, September 29, 2008

Venturing into the 'Land of Fortune'

STYLISH YET TRADITIONAL: Artist's Impression of the Platinum Galaxy Boulevard in Changshu City, China

PROPERTY developer Asia Pacific Land Bhd (AP Land) yesterday launched a commercial development project in China's Changshu City, marking its first foray into the country.

The project, known as Platinum Galaxy Boulevard and located in the province of Jiangsu, will have a gross development value of about RM800 million once it is completed in three years. It sits on some 65,421 square metres of land which had been bought for about RM44.8 million.

AP Land's wholly-owned subsidiary, Changshu Platinum Landmark Ltd, will undertake the development.

"We have chosen Changshu City due to the growing affluent and friendly foreign investor policies," Low Gee Teong, the company's joint managing director, said in a press statement.

Low and the vice mayor of the city, Fang Jiang Gou, performed the official ground-breaking ceremony at the property development site yesterday.

Platinum Galaxy Boulevard will consist of 14 blocks in phase one of commercial units, with unique features and feng-shui elements, Low said.

The project is meant to cater to the needs of fast-expanding multinational companies as well as local ones.

According to Low, Changshu City has over 200 million multinational enterprises with established manufacturing and industrial operations.

"It will provide multinational and Chinese companies with an ideal platform for them to conduct their businesses as it combines style, functionality and tradition," he said.

Changshu City, popularly known as the "Land of Fortune", has a population of three million and 800,000 floating residents.

By New Straits Times

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