Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Sign Up / Login Logout

Lost your password?
Register
Forgotten Password
Cancel

Register For This Site

A password will be e-mailed to you.

  • Capital Markets
  • Events
    • Mingtiandi 2022 Event Calendar
    • APAC Residential Forum 2022
    • Asia Logistics Forum 2022
    • Asian Capital in Australia Forum 2022
    • Asia REIT Forum 2022
    • APAC Data Centre Forum 2022
    • Singapore Focus Forum 2022
    • Office Strategies Forum 2022
    • More Events
  • MTD TV
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

Singapore’s CDL Acquires Shanghai Commercial Project for RMB 900M

2017/02/14 by Michael Cole Leave a Comment

Meidao Business Plaza

Meidao Business Plaza in Honqiao

Singapore’s City Developments Ltd (CDL) has acquired a 32,000 square metre commercial project near Shanghai’s Hongqiao transportation hub in its second real estate investment in the mainland megacity in less than one month.

CDL’s wholly owned subsidiary, CDL China Limited (CDL China), has entered into an equity transfer agreement to acquire a 100 percent equity stake in Shanghai Meidao Investment Co for RMB 900 million (approximately $131 million), according to a statement today by the Singapore-listed developer. Shanghai Meidao owns Meidao Business Plaza in Huacao, Minhang District.

CDL Continues to Build Mainland Portfolio

Mark Yip CDL China

CDL China chief Mark Yip

“As part of CDL’s strategic diversification strategy, China is one of our key overseas markets for growth,” said CDL China CEO Mark Yip in a statement. He added that, “Since CDL China was set up in 2010, we have established our foothold in the key upper tier cities of Chongqing, Shanghai and Suzhou, with four residential and mixed-use development sites totalling over 500,000 square metres of gross floor area.”

Meidao Business Plaza has a total gross floor area of over 32,000 square metres spread across five nine-storey towers and is expected to be completed by the second half of this year.

The company expressed enthusiasm over the prospects for the project’s location near the Hongqiao transportation hub, a priority infrastructure project by the Shanghai government. The hub at the city’s western edge connects a domestic airport with a high speed rail station and two subway lines. CDL said that it expects more than 650,000 employees will work in the area by the end of 2020.

Honqiao Leasing Has Been Slower Than Expected

The government’s investment in infrastructure at the Honqiao hub has lured a number of commercial and residential developers to the suburban area, however, some office projects have reported weak demand from tenants. According to leasing agents familiar with the market who spoke with Mingtiandi, despite rents near the Hongqiao hub being less than half of the rates charged in Huaihai Road, Nanjing Road or other prime Shanghai locations, vacancies in the area may continue to rise in 2017.

The acquisition by CDL comes only three weeks after the company entered China’s co-working race with a RMB 72 million investment ($10.5 million) in Shanghai-based Distrii. That deal provided the Singaporean company with a 24 percent stake a provider that operates nine co-working centres across Shanghai, totalling 2,200 desks.

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Finance Tagged With: CDL, City Developments, daily-sp, Featured, Hongqiao, Shanghai

https://player.vimeo.com/video/658500990?h=acd5304b2d

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Mingtiandi Delivered

MTD TV

Rise of Greater China’s Young Professionals Propels Multi-Family Sector: MTD TV

Gaw Kailong Cushman & Wakefield value add panel

China’s Value-Add Arena Set to Reward Investors With Local Presence: Watch on MTD TV

More MTD TV Videos

Latest Stories

Sinar Mas Land chairman Muktar Widjaja

Indonesia’s Sinar Mas Buying London Building From Landsec for $238M

George Hongchoy, Executive Director & CEO, Link REIT

Link REIT to Acquire Three Yangtze River Delta Sheds for $139M

Tham Kuo Wei Mapletree

Mapletree Industrial Trust Eyes Full Ownership of $1.8B American Data Centre Portfolio 

Sponsored Features

Rosanna Tang Colliers

Office Upgrades Jump After Omicron Slowed Hong Kong Market in Q1 Sponsored Feature

Bernie Devine

Is Your Building a Device? Sponsored Feature

Vietnam’s BW Acquires First Assets in Long An Province as Growth Continues Sponsored Feature

More Sponsored Features>>

MTD-QR-Code-320

Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • 2022 Event Calendar
  • MTD TV Archives
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Mingtiandi Membership
  • Newsletter Subscription
  • Advertise
  • Terms of Use
  • Privacy
  • Join the Mingtiandi Team


© 2007-2022 China Advertising Media Ltd (Samoa). All rights reserved.