Mainboard-listed property developer Yanlord Land Group has acquired a prime residential development site in Tangzhen New District in Pudong, Shanghai for about RMB2.89 billion ($568 million), or approximately RMB16,102 psm in a public tender.

The 179,944 sq m development site capitalises on key government initiatives to develop the Tangzhen New District of Shanghai into an international community mirroring districts like Lianyang and Biyun.

The Tangzhen New District is home to many high-end residential developments and major facilities like the Tangzhen Industrial Park, the Jinqiao Export Processing Centre and the Zhangjiang High-Tech Park. It has been earmarked for the development of an international community district similar to primary districts of Lianyang and Biyun under the “eleventh five year plan” of the Shanghai municipal government.

Zhong Sheng Jian, chairman and CEO of Yanlord, said the latest acquisition “presents a unique opportunity to secure a low density plot ratio land parcel in land scarce Shanghai and is ideal for the development of a prime international community.”

“Leveraging on our past experiences in developing prime international communities such as Yanlord Riverside City in the Lianyang District, we are confident that our ability to amalgamate quality, aesthetics and functionality will lead to the creation of another landmark international residential development in Shanghai that will be warmly received by our discerning customers,” added Mr. Zhong.