CapitaLand said to be acquiring Star Harbour International Center project in Shanghai for $2.5 bil
SINGAPORE (Oct 17): CapitaLand is said to be investing about RMB 12.79 billion ($2.54 billion) to acquire the Star Harbour International Center project in Hongkou, Shanghai, according to real estate online portal Mingtiandi.
The group is said to be acquiring its most expensive real estate project yet in China from Shanghai Port Group, after the state-run developer announced on last Friday that it is planning to sell the property.
CapitaLand has yet to make a statement regarding the acquisition.
When The Edge Singapore reached out to CapitaLand for comments, the group said the tender has not taken place yet and declined to reveal whether or not they are taking part in it.
Shanghai Port Group stated in its announcement that it had not confirmed a buyer for the project, but Jiemian.com, a Chinese business news site, cited sources in the Shanghai market saying that CapitaLand has agreed to acquire the project.
Spanning 1.5 million sqm, the Start Harbour International Center is a multi-building complex, which in its first phase will include a pair of 263-metre high skyscrapers with a total gross floor area of 427,600 sqm. This is scheduled to be completed in March 2019.
One of the two towers will be devoted wholly to office space, while the other will be designed to include 21 floors of office and 24 floors of serviced apartments.
The master plan for the project includes four contiguous buildings that will be connected by a rooftop garden and skybridge.
In the lower floors of the towers, the project plans to incorporate a six-level retail podium.
As at 10.55am, shares in CapitaLand are trading 5 cents higher at $3.13.
