City Developments buys upscale Shanghai residential development

City Developments Ltd (CDL) has bought an upscale residential development in Shanghai in a deal worth 799 million yuan (S$169 million), continuing its overseas expansion in property segments other than hotels.

The development in Shanghai’s Qingpu District consists of 120 residential units built on a 163,837 square metre parcel of land. CDL said 85 of the units remain unsold.

According to CDL, the development will benefit from its proximity to the Hongqiao Economic Development Zone, which is around 9 kilometres away.

“With the gradual transformation of the Greater Hongqiao area, it is anticipated that the project will appreciate along with the surrounding area’s growth,” CDL said.

CDL, which controls the Millennium & Copthorne hotel group, announced a plan earlier this week to raise about S$1.5 billion from a group of investors and banks, including Blackstone Group, to fund its global expansion.

The firm has embarked on development projects in the Chinese cities of Chongqing and Suzhou, and has announced plans to do the same in London and Tokyo.

Source : Channel NewsAsia – 19 Dec 2014

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