Sino-Ocean Land acquires land in Baoshan, Shanghai

KUALA LUMPUR: Major property player Sino-Ocean Land Holdings Ltd, via two subsidiaries, has acquired two tracts of land in north Shanghai's Baoshan District for 1.9 billion yuan (RM884 million), according to reports by the Shanghai Daily and the Shanghai Morning Post.

The parcels, located in the central areas of Luodian New Town, were gazetted for homes.

They measure 43,300 sq m (10.7 acres) and 107,824 sq m (26.63 acres) and were sold to the Hong Kong-listed group at a per gross floor area price of 20,100 yuan psm and 21,300 yuan psm respectively.

Starting prices for both plots were around 16,000 yuan per sq m.

Sino-Ocean expects to build upscale villas on the two parcels, which might be able to fetch a sale price of between 35,000 and 40,000 yuan psm.

Currently, new apartments in Luodian fetch between 17,000 and 18,000 yuan psm, while villas range from 26,000 to 33,000 psm.