Yuanheng Developments Ltd. has purchased a 2.2 acre site on No. 3 Road just south of Sea Island Way in the Capstan Village area of Richmond, B.C. The total purchase price was $15,080,000.

Under the City of Richmond’s City Centre Area Plan, the property is designated as Urban Centre T5, which allows residential to a maximum density of 1.2 FAR, and a total density for mixed uses of 2.0 FAR. The total price per buildable square foot therefore equates to $78.03.