Foreign Property News | Posted by Hnin Ei Khin
Singapore’s CapitaLand is reportedly investing at least RMB 12.79 billion ($1.85 billion) to acquire its most expensive real estate project yet in mainland China, according to accounts in the mainland media.
Southeast Asia’s largest developer would be paying the record sum to acquire the 1.5 million square metre (16 million square foot) Star Harbour International Center project (上海星外滩) in Shanghai’s Hongkou district from Shanghai Port Group, after the state-run developer announced to an official government marketplace on Friday that it planned to sell the property north of the city’s historic Bund.
Shanghai Port Group notified the Shanghai United Assets and Equity Exchange on Friday that it is listing for sale 100 percent of its equity in Star Harbour’s project company on the government sponsored exchange at a reserve price of approximately 12.79 billion.
According to the rules of the exchange, the listing means that the developer intends to sell the asset within one year of the listing.
Although Shanghai Port Group stated in the announcement that it had not confirmed a buyer for the project, a report in mainland business news site Jiemian.com cited sources in the Shanghai market as indicating that Capitaland has agreed to buy the multi-phase project.
In its first phase, includes a pair of 263-meter high skyscrapers which upon their expected completion at the end of March next year, would yield a gross floor area of 427,600 square meters, With one tower devoted wholly to office space, and the other designed to include 21 floors of office and 24 floors of serviced apartments.
Ref : Property Report
