Singapore’s CDL buys US$1.3 billion Shanghai site as confidence rises in China property
Builder controlled by family of billionaire Kwek Leng Beng says move represents its ‘confidence in China’s long-term growth prospects’
Singapore developer City Developments Limited (CDL) – controlled by billionaire Kwek Leng Beng and his family – won a tender with a bid of 8.94 billion yuan (US$1.3 billion) for a site in the heart of Shanghai along with a partner, as confidence in China’s property market rises among foreign investors.
The builder plans to develop the 27,994-square-metre site in Xintiandi, Huangpu district, into a mixed-use project with 92 low-density villas, 102 luxury high-rise residential flats, a boutique hotel and 5,000 square metres of retail space.
Construction on the site, which comprises two plots located within walking distance of a luxury residential project, Lakeville, is expected to start in the fourth quarter of 2025 and conclude by 2030.
“The acquisition of this rare development site in Shanghai’s famous Xintiandi area represents the group’s confidence in China’s long-term growth prospects,” Sherman Kwek, group CEO of CDL, said in a statement on Friday.
“We are enhancing our presence in this dynamic and populous nation by targeting iconic placemaking opportunities in key tier-1 and tier-2 cities … We look forward to delivering an iconic landmark that will redefine the landscape.”
CDL holds a 51 per cent stake in the joint venture via its wholly owned unit Chenghong Shanghai, while the remaining 49 per cent is held by Lianfa Group, whose ultimate controller is state-owned developer Xiamen C&D Group.
