CapitaLand invests in Shanghai office plot for $265m

It plans to build a 37,765 sqm Grade A office building.

CapitaLand invested $265m in a commercial land plot in Wujiaochang decentralised business district (DBD), Shanghai, marking its second investment in the city within six months.

According to a press release, CapitaLand bought the site for $171m. It plans to develop it into a Grade A office with a total gross floor area (GFA) of 37,765 sqm.

Construction for the new office, located adjacent to Innov Centre, will begin early next year. CapitaLand said it will be the only new Grade A office supply in Wujiaochang in 2020 when it is completed.

Including the new office, CapitaLand owns and manages 19 commercial properties in Shanghai that span over 1.4 million sqm in GFA.