GuocoLand Limited (GLL) says wholly-owned subsidiary, GuoSon Investment Company Limited (GICL), together with Guoco Investments (China) (Glnv), a wholly-owned subsidiary of Guoco Group Limited (GGL), has tendered successfully in the proportion of 50:50 for a land parcel known as Plot 9 in Changfeng, Shanghai. GGL is the parent company of GLL.

The aggregate purchase consideration for the site is RMB3.04 billion ($598.9 million or RMB24,812 psm per plot). GICL and Glnv have equally paid for a deposit of RMB382 million ($75.3 million) for the site.

Quek Leng Chan is a director, shareholder and deemed substantial shareholder of GLL and GGL. Kwek Leng Hai is a director and shareholder of GLL and GGL. Sat Pal Khattar is a director and deemed shareholder of GLL and GGL.

The site has a land area of 47,674.5 square metres and is situated within the Changfeng Ecological Business District, in the Putuo District of Shanghai. The site is for residential development and the tenure of the land use rights is 70 years. It has close proximity to subway lines 2, 4 and 11, forming part of the Hongqiao integrated transportation hub, which offers connectivity to Shanghai city centre and other cities including Hangzhou, Nanjing and Beijing.

GICL is currently undertaking an integrated development named Guoson Centre, Changfeng on a land parcel of 143,845 square metres within the Changfeng Ecological Business District. Guoson Centre, Changfeng comprises almost 500,000 square metres gross floor area of Grade A office towers, a retail mall, 354 SoHo (Small office, Home office) units, serviced apartments and the 5-star Guoman Hotel Shanghai.