Catalist-listed property firm Top Global is eyeing a land parcel located on an island governed by Shanghai.
With a gross floor area of approximately 808,000 sq m, the land parcel can be developed into retail, residential and commercial use, with a development cost of approximately $900 million.
The company will acquire a 51 percent stake in Longrunn International for around $1.5 million under a recently signed memorandum of agreement. “Additional capital requirements shall be subject to plans to be jointly agreed,” said Top Global.
Longrunn International will co-manage the planning and development of a land parcel on Fisherman Pier, Changxing Island.
Top Global is currently exploring several options to develop the land, such as bringing in investors, said Jennifer Chang, chief operating officer of the company. The company has not committed the amount that it would allocate for the development of the land, she added.
The company has also yet to decide if the development would be more focused on residential or retail and commercial uses, said Ms. Chang who spoke to The Business Times.
The company was recently in the limelight when it won the bid, through a consortium, for an iconic site which includes Capitol Building, Capitol Theatre and Stamford House.