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 2023 Event Calendar
    • Mingtiandi APAC Residential Forum 2023
    • Mingtiandi Asia Logistics Forum 2023
    • Mingtiandi Hong Kong Focus Forum 2023
    • Mingtiandi APAC Data Centre Forum 2023
    • Mingtiandi Asia Office Strategies Forum 2023
    • Mingtiandi Singapore Focus Forum 2023
    • More Events
  • MTD TV
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

HKRI Wins Suburban Shanghai Residential Site With $130M Bid

2021/12/02 by Christopher Caillavet Leave a Comment

Mansion One HKRI

HKRI launched sales at Mansion One in Jiaxing, just down the road from Songjiang, in October this year

Hong Kong Resorts International has made a successful bid of RMB 830.4 million ($130.3 million) for a residential plot in Shanghai’s southwestern suburbs, as the developer continues to seek expansion opportunities in the mainland’s Yangtze River Delta region.

HKRI’s latest find in Songjiang district measures 33,539.2 square metres (361,013 square feet) in site area and can yield 32,528 square metres of gross floor area, meaning that the builder controlled by the billionaire Cha family is paying roughly RMB 25,528 ($4,006) per square metre of GFA for the property in the district’s Dongjing town.

The land parcel went under the hammer in late November at a starting price of RMB 764.43 million, with six qualified bidders applying for the tender, and HKRI scooped it up at a price “a little bit on the low side”, according to James Macdonald, senior director and head of China research at Savills.

“The last land plots that we know of that sold in Dongjing town in Songjiang were back in September 2018, two plots which sold for roughly RMB 33,000 per square metre, 1.2 plot ratio and total GFA of 151,000 square metres,” Macdonald told Mingtiandi.

Building a Tech Magnet

HKRI will develop the plot into a low-density, high-quality residential project aimed at skilled workers, helping to diversify the housing supply in the area about 45 minutes’ drive from central Shanghai, the company said Tuesday in a release. Plans call for setting aside 5 percent of the project’s GFA for affordable housing.

Victor Cha

HKRI chairman Victor Cha

“With its prime location, Songjiang will attract enterprises and talents of the technology industry and the residential market is expected to thrive with high demand,” said Violet Lam, general manager for business development and marketing at HKRI.

Bounded by Peigou stream and Caijiabang Road, the “picturesque” development site enjoys connectivity with key arteries including Xinzhuan Highway, Sizhuan Highway, G15 Shen Hai Expressway and G60 Shanghai-Kunming Expressway, HKRI said. A further transport option will become available upon completion of Shanghai Metro Line 12’s western extension, which will pass through the site.

Macdonald expects developers to keep a watchful eye on markets like Shanghai that have a firm base of buyer demand and a more limited supply of residential land plots.

“Tighter developing financing certainly means that land plots are not as fiercely competed for as they have been in the past, and there may be opportunities that present themselves that would otherwise not be available,” he said.

Mainland Confidence

HKRI’s latest win adds another mainland property to the portfolio of a developer that got its start in the 1970s with the Discovery Bay project on Hong Kong’s Lantau Island.

HKRI's newly acquired site SJS30003 02-04 is close to Dongjing school

HKRI’s newly acquired site is ready to liven up the Songjiang countryside

The company chaired by Victor Cha bought its first mainland Chinese property, Chelsea Residence on Shanghai’s leafy Huashan Road, in 2000. It refurbished the serviced apartment building and launched strata-title sales in 2009.

More recently, the group partnered with fellow Hong Kong giant Swire Properties to develop HKRI Taikoo Hui on Shanghai’s West Nanjing Road. The 322,000 square metre office, hotel, residential and retail megaproject held its grand opening in November 2017.

Later that same year, HKRI acquired land to develop Mansion One, a 33,000 square metre mid-rise apartment building in Zhejiang province’s Jiaxing, southwest of Shanghai on the road to Hangzhou. The project near the Shijiuyang wetland launched sales in October of this year.

The HKEX-listed developer’s portfolio also includes several premium residential and commercial properties in Thailand and Japan, including the Sukhothai hotel in Bangkok and the Chelsea Garden residences in Tokyo.

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Projects Tagged With: daily-sp, Featured, HKRI, Shanghai, Shanghai land sale, Songjiang

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
APAC Office Markets Resetting Say Nuveen, Link REIT, Brookfield, C&W: MTD TV

More MTD TV Videos>>

People in the News

Nicholas Toh, group chief executive officer of DCI Data Centers
Nicholas Toh Takes Over as Group CEO at DCI Data Centers
Charles Griffith Macquarie
Asia Real Estate People in the News 2022-02-06
Kelvin Chan CBRE
CBRE Hires Kelvin Chan as Head of Capital Markets for China
Yoshinaga Takahashi PDG
PDG Hires Mitsui’s Yoshinaga Takahashi as Managing Director of Japan

More Industry Professionals>>

People in the News

Nicholas Toh Takes Over as Group CEO at DCI Data Centers

Nicholas Toh, group chief executive officer of DCI Data Centers

DCI Data Centers, an arm of Brookfield Infrastructure, has tapped Nicholas Toh to serve as group chief executive … Read More>>

Asia Real Estate People in the News 2022-02-06

Charles Griffith Macquarie

Finance giants lead this week’s collection of personnel moves on Mingtiandi as two of Asia Pacific’s largest financial … Read More>>

CBRE Hires Kelvin Chan as Head of Capital Markets for China

Kelvin Chan CBRE

CBRE on Friday announced the appointment of Kelvin Chan as the global property consultancy’s head of capital markets for … Read More>>

PDG Hires Mitsui’s Yoshinaga Takahashi as Managing Director of Japan

Yoshinaga Takahashi PDG

Princeton Digital Group has appointed Yoshinaga Takahashi as managing director of Japan, where he will help execute the … Read More>>

More Industry Professionals>>

Latest Stories

Raymond Lawler_Hines Asia-Pacific CEO
Hines to Build $1B Mixed-Use Complex in South Korea’s Busan
Boustead Singapore chairman Wong Fong Fui
Boustead Singapore Offers $213M Buyout of Property and Engineering Division
Tan Yew Chin CapitaLand Development
CapitaLand to Redevelop Singapore’s JCube Mall Into 40-Storey Residential Project

Sponsored Features

How Data Leadership Can Prepare Real Estate Companies for Big Data and AI in 2023
OpenSpace Capture
OpenSpace Capture Provides On-the-Ground Eyes at US Government Building Projects
Malls and Megaprojects from Hong Kong to Beijing Triumph at PropertyGuru Awards Show

More Sponsored Features>>

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


© 2007-2023 China Advertising Media Ltd (Samoa). All rights reserved.

  • This field is for validation purposes and should be left unchanged.