Singapore-listed property developer GuocoLand Ltd has announced that its sister company and one of its wholly-owned subsidiary jointly acquired a land parcel in Shanghai for approximately RMB3 billion.
GuocoLand said in a statement that the bid for the land parcel was made by Guoco Investments (China) Ltd – a subsidiary of its parent company Guoco Group Ltd – and its wholly-owned unit GuoSon Investment Co.
The land parcel is located in Shanghai’s Changfeng Ecological Business District and has a total land area of 47,674.5 sq m.
The company added that the site will be developed into a residential property project.