A joint venture between Hong Kong-listed property investment and development company Kerry Properties and Singapore’s GIC Real Estate has won a land bid to acquire a mixed-use development site located in Jinqiao sub-district, Pudong New District, Shanghai for RMB 6,013.82 million(app.US$930m).
The joint venture plans to build a mixed-use project that will feature a mega shopping complex, offices, and residential offerings.
“Kerry Properties is delighted that our consortium with GIC Real Estate has been awarded this exciting Pudong Jinqiao site. With its prime location, and central accessibility by public and private transportation, Kerry Properties is confident of the site’s strong development potential and we look forward to our first partnership with GIC,” said Serene Nah, Chief Financial Officer of Kerry Properties.
“We are pleased to establish this Joint Venture with Kerry Properties Limited, who has a strong track record in China’s commercial real estate market. This unique retail-anchored mixed-use project will capitalise on the robust domestic consumption in Shanghai. As a long-term investor, we remain confident in the retail sector and will continue to invest in high-quality, well-located retail projects in China, alongside local market leaders,” said Lee Kok Sun, Chief Investment Officer of GIC Real Estate.
The project site measures 66,060 square metres and is expected to yield a gross floor area of approximately 390,000 square metres, with approximately 45,000 square metres for residential, 25,000 square metres for office, 219,000 square metres for retail, 2,000 square metres for utility and ancillary support, and 98,000 square metres for carparks.