CapitaLand said it has secured a 60% interest in two adjacent prime residential sites in the New Southern Area of Chengdu, Sichuan, China, via a proposed share subscription in two Chinese companies for RMB752 million (about $155 million).

CapitaLand plans to build an estimated 4,600 apartment units on the 133,333 sq m sites to cater to first-time homebuyers and upgraders.

Construction is expected to begin in the second quarter of 2014 with the first phase targeted for launch by end 2014.

The two adjacent land parcels with a gross floor area of 479,850 sq m was secured by CapitaLand's subsidiary, Shanghai Zhong Da Industry Development Co.