CapitaLand China, a subsidiary of Singapore's property giant CapitaLand, has bought a residential site in China's Ningbo of Zhejiang province. [Photo by Wu Changqing/Asianewsphoto]

SINGAPORE - CapitaLand China, a subsidiary of Singapore's property giant CapitaLand, has bought a residential site in China's Ningbo of Zhejiang province, for S$232 million ($181.3 million), the company said on Thursday.

The site of 57,369 square meters has been secured through a government land tender. This translates to about S$1,840 ($1,438) per sqm per plot ratio.

The real estate company plans to build an estimated 1,100 units of small and medium-sized units, catering to first-time home buyers and upgraders.

The construction is scheduled to commence in the third quarter of this year, with the first phase targeted for launch in 2015.

The site is near CapitaLand's two other projects in Ningbo city, the Raffles City Ningbo and Summit Residences.

"Ningbo is China's second-largest port with residents' disposable income that is comparable to Shanghai's. As a rapidly-growing second-tier city, Ningbo belongs to one of the five city clusters that CapitaLand is focused on," said Jason Leow, CEO of CapitaLand China.

The five city clusters in China that the property major focus on are Beijing and the neighboring Tianjin in the north; Shanghai and several neighboring cities in the east, also known as the Yangtze River Delta; Guangzhou and Shenzhen in the south; Chengdu and Chongqing in the southwest; and Wuhan in the central.