The cost of the site works out at RMB117,542 ($21,827) per sqm per plot ratio (psm ppr), which is the equivalent of $2,027 per square foot per plot ratio (psf ppr). The rationale for the acquisition is that there is no other residential site transfer in the Xintiandi prime area this year.
City Development Limited (CDL), through its wholly-owned subsidiary, Chenghong (Shanghai) Investment along with its Chinese partner Lianfa Group have been awarded the tender for a mixed-use development site in the Xintiandi area in Shanghai’s Huangpu district for RMB8.94 billion ($1.66 billion).
The tender for the mixed-use development site spanning 27,994 square metres (sqm) was awarded on Nov 1, following a government land tender which closed on October 28.
