Singapore-based property developer CapitaLand announced on Tuesday that it has acquired two prime residential sites in Guangzhou, South China, for Rmb2.05 billion (about $297 million), marking its second acquisition in the country in less than three months.

In a statement, CapitaLand said the two sites, located in the heart of Zengcheng District, cover about 150,000 square meters in total and will be the site of the Guangzhou’s future second international airport.

The sites will also see about 1,300 newly constructed homes by 2021, catering to first-time home buyers and upgraders.

The acquisition comes less than three months after CapitaLand announced its purchase of a 32-hectare prime mixed-used site in Chongqing for Rmb5.7 billion ($867 million). The acquisition in Chongqing will add over 2,100 units to CapitaLand’s residential pipeline in China and double its retail network in the city.

“These 3,400 units in Guangzhou and Chongqing are a timely addition to our China residential pipeline, as we ready ourselves to release another 4,000 units for sale by the end of 2018,” said Lim Ming Yan, President & Group CEO of CapitaLand Group.

CapitaLand, he added, remains optimistic about the prospects of China’s residential market, where strong housing sales have continually contributed to the group’s earnings.

The two newly awarded residential sites are located in the heart of Zengcheng District, which is considered as the engine of Guangzhou’s industrial growth. The district is also home to well-known companies such as Foxconn and Honda, as well as the upcoming Guangzhou Education City.

The government plans to grow the district’s population from the current 1.15 million to 2.1 million by 2020, making Zengcheng the fastest-growing district in Guangzhou.

Guangzhou is part of five core city clusters that CapitaLand has identified for growth in China, according to Lucas Loh, CEO of CapitaLand China.

“Since entering Guangzhou in 2006, CapitaLand has developed many well-received residential projects in the city including Beau Monde, Dolce Vita, Città di Mare and Vista Garden. We are delighted to be awarded the new sites in Guangzhou, which will create synergies with our ongoing Datansha Urban Redevelopment project in Guangzhou’s Liwan District that is being developed into residential and commercial projects in phases,” Loh said.

In the first half of this year, the Singapore-based property developer handed over more than 2,800 residential units in China to home buyers. In the next six months, the company expects to hand over more than half of the 8,000 units valued at a total of Rmb16.2 billion ($2.4 billion).

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