Soho China sets record for Shanghai site value
Soho China won a commercial site in Shanghai for 3.19 billion yuan (HK$4.01 billion) yesterday. The deal puts the accommodation value of the site, in the Gubei area of Hongqiao district, at 31,000 yuan per square metre, more than double the previous record in the district.
Soho China won a commercial site in Shanghai for 3.19 billion yuan (HK$4.01 billion) yesterday.
The deal puts the accommodation value of the site, in the Gubei area of Hongqiao district, at 31,000 yuan per square metre, more than double the previous record in the district.
The developer outbid three companies, Shanghai Takashimaya, Zhongying Enterprise and Kuo Yang Group, in the government land auction.
It is Soho China's 12th project in Shanghai since it moved into the city in August 2009, and takes its spend on development sites in the city 28.7 billion. yuan. It estimates the projects will be worth nearly 50 billion yuan when completed.
Chairman Pan Shiyi said: "The price is reasonable. The project could provide a total gross floor area of 150,000 sq m, which is a suitable for office development. We are optimistic on the market outlook of Shanghai."
The 16,560 sq m site in the core business district of Hongqiao could become a retail and office project. It is close to the Japan Takashimaya department store and Gubei International Fortune Centre and could yield a total gross floor area of 150,000 sqm, including the basement.
