CDL wins $1.66b Shanghai plot for mixed-use development

The tender prize translates to $21,827 per square metres per plot ratio.

City Developments Limited’s (CDL) subsidiary, Chenghong (Shanghai) Investment, and its partner in the People’s Republic of China (PRC), Lianfa Group, bagged the $1.66b (RMB8.94b) tender for a mixed-use development site in Xintiandi, Huangpu District, Shanghai.

Chenghong Shanghai holds a 51% stake in its joint venture with Lianfa Group, which owns the remaining 49%.

The tender prize translates to $21,827 (RMB117,542) per square metres per plot ratio (psm ppr).

The site spanning 27,994 square meters comprises two plots separated by a public road. The total permissible gross floor area (GFA) is 76,027 sqm or 820,000 square feet. 

Future development in the site will integrate the plots with a basement under the road, allowing for 77% of the GFA for residential use, 19% for commercial use, and 4% for public amenities.