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Yanlord acquires site for residential devt in Shanghai

REAL estate developer Yanlord Land Group is extending its presence in Shanghai through the purchase of a residential development site for 600.4 million yuan (S$118.7 million).

Yanlord subsidiary Shanghai Renjie Hebin Garden Property Co acquired the 117,459 square metre site in Qingpu District in a government auction last month.

Commenting on the acquisition, Yanlord chairman and chief executive officer Zhong Sheng Jian said: ‘Shanghai remains a key focus in our expansion strategy.’

He said the acquisition, together with the acquisition last November of the New Jiangwan Urban Area site in Shanghai Yangpu District, shows the company’s continued confidence in the potential of the Shanghai real estate sector.

‘This latest acquisition not only replenishes our land bank in Shanghai, in which we have been the early entrants since 1993. More importantly, this newly acquired site also allows us to further establish our foothold in the rapidly emerging Qingpu District where our Shanghai Yunjie Riverside Garden Phases 1 and 2 are located,’ he added.

The site has a view of Yangli Jing River, Dingpu River and Daying Harbour. With a plot ratio of 1.0, the site cost 5,112 yuan per sq metre of gross floor area. Yanlord plans to develop the site into a high-end residential development comprising low-rise and townhouse apartment units.

Yanlord Land is based in China and focuses on developing high-end integrated residential projects and integrated property development projects in high-growth cities in China.

Yanlord entered the China market about 15 years ago and developed a number of large-scale residential property developments with international communities of residents, such as Yanlord Gardens, Yanlord Riverside Gardens, Plum Mansions and Orchid Mansions.

 

Source: Business Times 4 Jan 08

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