Shui On Land acquires rights to Qingpu parcels
Shui On Land Ltd, the flagship property arm of Hong Kong-based Shui On Group on the Chinese mainland, acquired the development rights to two residential parcels in Qingpu District on Tuesday for some 1.67 billion yuan (US$234.7 million).
The two plots, covering a total site area of 33,618 square meters with planned gross floor area exceeding 74,000 square meters, are part of the Panlong Tiandi project, also known as Panlong Urban Village Redevelopment project, which now comprises a total floor area of around 250,000 square meters for residential development.
“We are excited to win additional residential land parcels for this sizable urban regeneration project in the Greater Hongqiao area, where we started investing since 2010,” said Vincent Lo, chairman of Shui On Land. “We are very optimistic about the prospect of this business and trading hub for the Yangtze River Delta region and are confident in transforming the site into a new landmark which will support the continuous development of the Greater Hongqiao area.”
Located in Xujing Town and adjacent to Panlong Station on Metro Line 17, Panlong Tiandi is only one stop from the National Exhibition and Convention Center, which is the venue of the China International Import Expo.
In October 2019, the Shanghai-headquartered company first acquired four residential parcels with planned gross floor area of over 176,000 square meters for the Panlong Tiandi project for 3.88 billion yuan. As planned, the first batch of units at the project are expected to be launched at the end of 2020 or the beginning of 2021.