Singapore's second-largest property developer City Developments Ltd said on Tuesday it has bought, along with an unnamed U.S. investment company, a piece of freehold land in Tokyo for 30.5 billion yen ($278.21 million).

The 16,815 square metre (18,0995 square foot) plot of land is in Tokyo's Shirokane area and was bought from Japan's Seiko Holdings Corp.

The deal is City Developments' first purchase of land for residential development in Japan and is part of its strategy to grow its business outside of Singapore, where the property market is currently subject to a series of government cooling measures.