Foreign Property News | Posted by Zarni Kyaw
A trio of state-owned developers has agreed to pay RMB 4.6 billion ($650 million) for a land parcel in Shanghai’s Yangpu district that is earmarked for up to 147,000 square metres of office and research and development space.
The 36,800 square metre site, Yangpu District Pingliang Community C090102 Unit 0218-01, was acquired by a consortium of China Energy Conservation and Environmental Protection Group (CECEP), Shanghai Huayi Group and Shanghai Yangshupu Real Estate Co, according to an announcement by the Shanghai Land Exchange.
The consortium, which was the sole bidder in the public tender process, won the site for the equivalent of RMB 30,867 per square metre of buildable gross floor area. Located within Shanghai’s inner ring road on Yangshupu Road in the East Bund area, the site is designated for corporate headquarters use with a focus on emerging industries such as energy conservation, clean energy and green building design.
With the government aiming to achieve grade A commercial standards, developments in the project are required to have floor plates of at least 1,000 square metres in order to appeal to medium- and large-sized enterprises.
The tender also was designed to facilitate the creation of a new industrial hub that will enhance the Yangpu riverfront, a swath of northeastern Shanghai lined with ageing shipyards, chemical and textile plants and light industrial facilities.
The site is bounded by Yangshupu Road in the north and by the planned Weinan South Road, Kuandian Road, and Anpu Road in the east, west and south, respectively. Yangpu Bridge, which spans the Huangpu River, neighbours the project.
Ref: Property Report
