Singapore-based City Development Ltd (CDL) has partnered with Chinese company Lianfa Group to acquire a mixed-use development site in downtown Shanghai for RMB8.94bn (鈧�1.2bn).
CDL鈥檚 subsidiary Chenghong Shanghai holds a 51% controlling stake in the partnership with the remaining 49% equity interest in the joint venture held by a subsidiary of Lianfa.
Located in the core and mature Xintiandi area in Shanghai鈥檚 Huangpu District the mixed-use development site spans 27,994sqm.
Sherman Kwek, CDL鈥檚 group chief executive officer, said: 鈥淭he acquisition of this rare development site in Shanghai鈥檚 famous Xintiandi area represents the group鈥檚 confidence in China鈥檚 long-term growth prospects.
鈥淲e are enhancing our presence in this dynamic and populous nation by targeting iconic placemaking opportunities in key Tier 1 and Tier 2 cities. On the back of our acquisition in Suzhou last year, securing this prime plot of land in Shanghai helps to further replenish our residential land bank in China.鈥�
The future development on the 76,027sqm site will include a 102-story residential tower which will take up to 77% of the gross floor area, with at least 19% allocated for commercial purposes, including retail and a boutique hotel.
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