Keppel Land China Ltd, a wholly-owned subsidiary of Keppel Land, has acquired a 7.2ha site in the Jiading District in Shanghai, China for around RMB 1.25 billion (S$241 million).
Keppel Land China said the acquisition, which marked its fifth residential development in Shanghai, was completed through Keppel Land Group’s two subsidiaries, Shanghai Pasir Panjang Land Ltd and Merryfield Investment Ltd.
“Keppel Land China’s portfolio of prime developments is strategically located and we are focused on delivering well-planned and well-executed properties to meet the lifestyle needs of our home buyers,” said Ang Wee Gee, Executive Vice Chairman of Keppel Land China.
“Shanghai’s residential market is fundamentally strong and we believe it will remain resilient on the back of rapid economic growth and urbanisation.”
The land parcel is located in a well-established residential area known as Nanxiang Town, a 30-minute drive from the city centre at People’s Square. The site is also within close proximity to a train station, as well as several educational facilities.
The site is set to be developed into 1,000 high-rise apartments. It is targeted at the middle- and upper-middle income segment, and the first phase of the project is expected to be launched in the second half of next year.
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