Mainboard-listed Yanlord Land Group says today that it had successfully acquired a prime residential development site (D-04-14) with a total planned GFA of 179,944 sqm in Tangzhen New District, Pudong, Shanghai for RMB2.89 billion ($568 million) or an average purchase price of RMB16,102 per sqm in a public land auction.

Situated a mere 13km from Shanghai’s bustling Lujiazui financial centre via the Longdong Avenue, the land parcel has a low density plot ratio of up to 1.4 times and benefits from excellent connectivity via the city’s major thoroughfares and the No. 2 metro line. To be developed into a prime international community, the site rests in the Tangzhen New District which is in the centre of the Pudong New District.

Home to many high-end residential developments and key facilities such as the Zhangjiang High- Tech Park, the Tangzhen Industrial Park and the Jinqiao Export Processing Centre, the Tangzhen New District has been earmarked for the development of an international community district mirroring key districts such as Biyun and Lianyang under the Shanghai municipal government’s “eleventh five year plan”. The site capitalises on the significant potential of the Tangzhen New District as a commercial, cultural and residential hub and will be home to the discerning professionals who work and reside in the Tangzhen New District.