SOHO China acquires 21.3-acre land in Shanghai

SHANGHAI: Hong Kong-listed company SOHO China has acquired a 21.3-acre land adjacent to the Hongqiao Integrated Transport Hub in Shanghai, ShanghaiDaily.com reported.

According to the newssite, the Beijing-based developer paid 1.56 billion yuan (RM729.23 million) for this parcel, which is its third major investment in Shanghai. The parcel's per gross floor area (GFA) price is 7,250 yuan psm (RM314.90 psf).

The total GFA of the project is 250,000 sq m (2.69 million sq ft), of which 215,410 sq m (2.32 million sq ft) are above the ground. Located near the Hongqiao hub, the project is designated for office development.

The project is estimated to take three to four years for completion.

The acquisition came just two months after SOHO China paid 2.25 billion yuan for a 90% stake in T&T International Investment, through which the company was allowed to indirectly hold a 61.5% equity interest in the city's Bund 204 Project.

Securing three projects in prime locations – Nanjing Road, the Bund and now the Hongqiao hub area – within a year, SOHO China has been aggressively strengthening its footprint across the city.

SOHO China made its presence in the Shanghai market in August last year when it bought a 52-story premium office tower on Nanjing Road W. from the reality arm of Morgan Stanley for 2.45 billion yuan.