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Xintiandi land plots acquired
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Shui On Land Ltd, in partnership with China Pacific Life Insurance Co and Shanghai Yongye Enterprise (Group) Co, acquired three land plots in Shanghai’s downtown Xintiandi yesterday for over 13.6 billion yuan (US$2.05 billion).
The average gross floor area price for the three parcels sitting on 34,824 square meters in Huangpu District was 44,963 yuan per square meter, or a premium of 0.2 percent.
Shui On Land will own 25 percent, CPIC Life 70 percent and Yongye 5 percent interests, the Shanghai-based developer, who will be the project development manager and asset manager on completion of the project, said in a statement.
The project, with a total built-up floor area of 390,700 square meters, will be developed into a commercial and office complex, said the statement. Office space will take up 197,100 square meters, retail and culture purposes will occupy 105,600 square meters and 88,000 square meters will be alloted for a car park, according to the statement.
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