A JOINT venture of Yanlord Land Group has acquired a low-density prime residential development site in Kangqiao, Pudong New District of Shanghai for 4.5 billion yuan .
Property developer Yanlord holds a 51 per cent stake in the joint venture, while its partner Huafa Industrial Co Ltd Zhuhai holds the rest. With a plot ratio of about 1.1 times, the site will be developed into a high-end, international community. It has a total gross floor area of 91,346 square metres, and was acquired via public land auction.
Zhong Sheng Jian, Yanlord’s chairman and chief executive officer, said: “This new land acquisition reiterates our confidence in the sustainable development of high-end residential market in first-tier cities.” He added: “The site is a clear site that we could commence construction shortly for pre-sale in next year to sustain the group’s continuous contracted pre-sales growth in the coming years.”
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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
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