Malaysian property developer Sino-Ocean Land Holdings Ltd, through its two subsidiaries, has purchased two sites in Baoshan District in North Shanghai for RM884 million, according to a report by the Shanghai Daily and the Shanghai Morning Post.
The two land parcels, which were gazetted for homes, are located in the central areas of Luodian New Town.
The sites measure 43,300 sqm and 107,824 sqm, and they were sold to the Hong-Kong listed company for a gross floor area price of 20,100 yuan psm and 21,300 yuan psm respectively.
The indicative price for the two sites were around 16,000 yuan psm.
The company expects to build upscale villas on the sites, which could fetch a price tag of between 35,000 yuan psm and 40,000 yuan psm.