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Land near Hongqiao hub goes to SOHO
By Cao Qian |
August 14, 2010, Saturday
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Print Edition
Print Edition
SOHO China, a real estate developer with keen interest and strength in upmarket commercial projects, yesterday announced it has acquired a plot adjacent to the Hongqiao Integrated Transport Hub in Shanghai as the company accelerates its pace of local expansion.
The Hong Kong-listed company paid about 1.56 billion yuan (US$229 million) for the 86,164-square-meter parcel, according to a statement posted on its website.
The purchase, the third major investment made by SOHO China in Shanghai over the past year, came just two months after the Beijing-based developer paid 2.25 billion yuan for a 90 percent stake in T&T International Investment, through which the company was allowed to indirectly hold a 61.5 percent equity interest in the city's Bund 204 Project.
SOHO China, established in 1995, first entered the Shanghai market in August 2009 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.
Designated for office development, the plot near the Hongqiao hub was acquired at a per gross floor area price of about 7,250 yuan per square meter.
Total GFA space of the project, estimated to take three to four years to complete, will be around 250,000 square meters, among which 215,410 square meters are above the ground, the statement said.
Securing three projects in prime locations -- Nanjing Road, the Bund and now the Hongqiao hub area -- in only one year, SOHO China has been aggressively strengthening its footprint across the city as the company strives to duplicate its success at its home base of Beijing.
The Hong Kong-listed company paid about 1.56 billion yuan (US$229 million) for the 86,164-square-meter parcel, according to a statement posted on its website.
The purchase, the third major investment made by SOHO China in Shanghai over the past year, came just two months after the Beijing-based developer paid 2.25 billion yuan for a 90 percent stake in T&T International Investment, through which the company was allowed to indirectly hold a 61.5 percent equity interest in the city's Bund 204 Project.
SOHO China, established in 1995, first entered the Shanghai market in August 2009 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.
Designated for office development, the plot near the Hongqiao hub was acquired at a per gross floor area price of about 7,250 yuan per square meter.
Total GFA space of the project, estimated to take three to four years to complete, will be around 250,000 square meters, among which 215,410 square meters are above the ground, the statement said.
Securing three projects in prime locations -- Nanjing Road, the Bund and now the Hongqiao hub area -- in only one year, SOHO China has been aggressively strengthening its footprint across the city as the company strives to duplicate its success at its home base of Beijing.
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