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Shanghai developer buying 2 London parcels with total value of US$1.97b
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SHANGHAI Greenland Group Co has entered into agreements for two residential projects in London valued at a total of 1.2 billion British Pounds (US$1.97 billion) as the local developer continues to expand overseas.
As the company's first acquisition deal in the UK, Greenland purchased the Ram Brewery development site in Wandsworth, London, from Minerva, a property investment and development group.
Covering a site area of more than 30,000 square meters, the project, valued at a total of 600 million pounds, is sold with planning permission for 661 new homes.
That includes a 36-story landmark tower providing 166 flats as well as 9,500 square meters of commercial space for new shops, cafes, bars and restaurants, Greenland said today in an emailed statement.
In a separate endeavour, Greenland also signed a framework agreement for a luxury residential project in Canary Wharf, a major business district in London.
Valued at a total of 600 million pounds, the development, covering a site area of 3,700 square meters and with total gross floor area of nearly 98,000 square meters, is expected to be the highest high-end apartment project in the UK upon completion.
"London saw a very active property market over the past few years with housing prices rising 10 percent on average last year," said Zhang Yuliang, chairman of Shanghai Greenland. "We expect demand for homes to climb further this year with more individual investors showing interest in property purchases there mainly due to its stable investment return, high-quality assets as well as good liquidity."
As one of the most aggressive Chinese developers in overseas expansion, Greenland has so far tapped 11 cities including London across seven countries on four continents. The company plans to reap 13 billion yuan (US$2.13 billion) this year from its overseas sales, compared with 3 billion yuan in 2013.
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