Keppel Land Ltd is set to embark on its fourth residential development in China’s gateway city of Shanghai, the company has announced.
Keppel has revealed that it is poised to capitalise on the urban expansion and growing real estate market of Shanghai, with a new large-scale residential project in Nanhui District. The Company has acquired a 100 per cent stake in Shanghai Hongda Property Development Co. Ltd, which owns a sprawling residential site in the Nanhui district of Xinchang Town in south-eastern Shanghai.
The total cash consideration for the acquisition of RMB 70 million (US$13.6 million) for the share capital and share premium of Shanghai Hongda was agreed on a willing-buyer willing-seller basis.
The Nanhui District has received significant government infrastructural spending and real estate investment in recent years, owing to its strategic location adjacent to China’s largest port facility, the Yangshan Deep Water Port off Hangzhou Bay.
The Shanghai government is also planning to develop the south-eastern tip of Nanhui District into a Harbour City. “Shanghai is positioned as a global financial hub. Its property market is poised for continuing good prospects,” said Mr Ang Wee Gee, Director of Regional Investments, Keppel Land.
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