CapitaLand buys commercial land in Shanghai for $171 mil
By Angela Teo
/ EdgeProp |
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On Dec 19, Singapore-listed property group CapitaLand announced that it was buying a plot of commercial land next to the former Guozheng Center in Shanghai for 838 million yuan ($171 million). The property group bought the former Guozheng Center – which has been renamed Innov Center – for 2.64 billion yuan in June.
CapitaLand bought the site by entering into a conditional sale and purchase agreement with a third-party vendor to acquire a 100% stake in Shanghai Mingchang Properties, which owns the commercial land at Wujiaochang Decentralised Business District in Shanghai’s Yangpu District. The acquisition is slated for completion in January 2018. It will increase CapitaLand’s commercial assets under management in Shanghai to 19 properties with a total gross floor area (GFA) of more than 1.4 million sq m.
Located within a two-minute walk from Sanmen Road Metro Station along Line 10 of the Shanghai Metro, the land has a tenure of 50 years starting from 2008. CapitaLand says it intends to build a Grade A office development with a total GFA of 37,765 sq m on the site.
(Credit: CapitaLand)
According to CapitaLand, the total investment for the new office project will amount to 1.3 billion yuan, including land cost. The project, which is slated for completion in 2020, will be the only new Grade A office stock in Wujiaochang when it is complete, adds the property group.
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