Listed property giant DBS Land says it has become Singapore's largest investor in Shanghai since it took a majority stake in a US$380 million commercial centre.
The group, leading a Singapore consortium, Hua Qing Holdings, is developing Raffles Square, a 46-storey commercial centre, on a 15,200 sq m site at Xizhang Zhong Road and Fuzhou Road.
It has a 50 per cent stake in the project, with the rest owned by three other Singapore companies.
The centre will include a retail podium, scheduled for opening in mid-1999, and an office tower due for completion a year later.
The project, Singapore's largest in Shanghai, had its ground-breaking ceremony yesterday, witnessed by Singapore Senior Minister Lee Kuan Yew.
DBS Land is involved in five projects worth $600 million to $700 million in Shanghai. The others are three condominium complexes in Xuhui and Luwan districts, and a low-cost housing project in Sanlin, Pudong.