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SOHO snares bit of Bund
By Cao Qian |
June 15, 2010, Tuesday
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Print Edition
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SOHO China, one of the country's upmarket commercial property developers, has bought a plot of land in Shanghai's prime area of the Bund as the company continues to strengthen its footprint in the city.
The Beijing-based developer paid 2.25 billion yuan (US$329.32 million) for a 90-percent stake in T&T International Investment, SOHO China said in a statement to the Hong Kong Stock Exchange on Friday.
The deal will allow SOHO China to indirectly hold a 61.5-percent equity interest in the city's Bund 204 Project, scheduled to be completed by the second half of 2013.
Designated for office, retail and hotel development, the entire Bund 204 Project covers an area of 22,462 square meters with developable space totaling 189,000 square meters.
The per gross floor area, or GFA, price of the plot acquired by SOHO China was about 32,600 yuan per square meter.
In February, private developer Shanghai Zendai Property paid 9.22 billion yuan, or a GFA price of more than 34,000 yuan per sqm, for a 57,000-sqm parcel near the Bund.
The deal was SOHO China's second major investment in Shanghai. In August 2009, the company acquired a 52-story premium office tower on Nanjing Road W.
The Beijing-based developer paid 2.25 billion yuan (US$329.32 million) for a 90-percent stake in T&T International Investment, SOHO China said in a statement to the Hong Kong Stock Exchange on Friday.
The deal will allow SOHO China to indirectly hold a 61.5-percent equity interest in the city's Bund 204 Project, scheduled to be completed by the second half of 2013.
Designated for office, retail and hotel development, the entire Bund 204 Project covers an area of 22,462 square meters with developable space totaling 189,000 square meters.
The per gross floor area, or GFA, price of the plot acquired by SOHO China was about 32,600 yuan per square meter.
In February, private developer Shanghai Zendai Property paid 9.22 billion yuan, or a GFA price of more than 34,000 yuan per sqm, for a 57,000-sqm parcel near the Bund.
The deal was SOHO China's second major investment in Shanghai. In August 2009, the company acquired a 52-story premium office tower on Nanjing Road W.
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