Keppel Land China, the property development arm of Singapore-based Keppel Corp., has agreed to acquire a completed commercial property in Shanghai’s Zhangjiang High Tech Park for 493 million yuan ($69.2 million).
Keppel is paying 493 million yuan ($69.2 million) or 4,756.84 per square metre to purchase the office building in eastern Shanghai from Chinese online game developer The9 Ltd.
The firm is buying 100 percent of the equity in companies holding the 14,518 square metre building, known as the Zhangjiang Micro-electronic Port Block 3, as part of a drive to expand its income-earning assets in China’s largest cities.
Following the completion of the acquisition, expected to occur in the fourth quarter of this year, the vacated Zhangjiang property will undergo asset enhancement initiatives to meet new market needs.