Singapore-listed property developers Yanlord and Ho Bee have jointly acquired a 13.69 hectare prime residential development site in Shanghai’s Qingpu District for around S$784 million.
The site is situated a mere 5.5 km from the heart of the Hongqiao Commercial District which has been earmarked by the Shanghai municipal government to be the city’s fully integrated financial, commercial and logistical hub servicing the Yangtze River Delta region.
The Hongqiao Commercial District is slated to be a key driver for Shanghai’s economic development.
It will also house the world’s largest integrated logistical nexus which consists of the Shanghai Hongqiao airport, the Shanghai Express railway network and the Shanghai metro network.
The site can generate more than 246,000 square metres of residential Gross Floor Area.
Yanlord will own 60 percent of the project, while Ho Bee will have the remaining 40 percent.
Source : Channel NewsAsia – 17 Feb 2010