Yanlord JV acquires residential development site in Shanghai

Nisha Ramchandani

Published Fri, Aug 21, 2020 · 11:54 AM

A JOINT venture of Yanlord Land Group has acquired a low-density prime residential development site in Kangqiao, Pudong New District of Shanghai for 4.5 billion yuan (S$0.89 billion).

Property developer Yanlord holds a 51 per cent stake in the joint venture, while its partner Huafa Industrial Co Ltd Zhuhai holds the rest.

With a plot ratio of about 1.1 times, the site will be developed into a high-end, international community. It has a total gross floor area of 91,346 square metres, and was acquired via public land auction.

Zhong Sheng Jian, Yanlord's chairman and chief executive officer, said: "This new land acquisition reiterates our confidence in the sustainable development of high-end residential market in first-tier cities."

He added: "The site is a clear site that we could commence construction shortly for pre-sale in next year to sustain the group's continuous contracted pre-sales growth in the coming years."

Shares in Yanlord closed at S$1.25 on Friday, unchanged.