Hong Kong-listed Shanghai Real Estate will buy an additional 47.52 per cent stake in an uncompleted shopping mall near Xintiandi in Shanghai for 300 million yuan, raising its interest in the retail property to 99 per cent. Shanghai Real Estate, mainly focused on mid-range to high-end residential and commercial properties in Shanghai, said the 11,312 square metre mall was part of its joint-venture luxury residential-retail project, Rich-Gate Oasis Garden, at Ma Dang Road, Luwan district. The price represents 61,881 yuan per square metre, and the deal will value the whole retail property podium at 700 million yuan. The purchase price will be about 9.8 per cent discount on the property's value. Apartments at Rich-Gate Oasis, above the retail podium, achieved an average price exceeding 50,000 yuan per square metre when the project was launched in 2004, setting a residential sales record in the district at the time. Recently, a shopping mall at Huaihai Road, the city's most fashionable shopping street, sold for 60,000 per square metre, said Jim Yip, investment director at DTZ's Shanghai office. Mr Yip said Shanghai Real Estate's shopping mall could generate an annual yield of 10 per cent, assuming it could achieve up to US$120 per square metre per month - the high end of the prevailing market rate. Shares of Shanghai Real Estate rose 3.95 per cent to close at $1.58 yesterday. The stock has jumped 50.48 per cent over the past 12 months. The developer has nine projects under construction with a gross floor area of about one million square metres when completed. Last month, Shanghai Real Estate acquired a 30 per cent stake in Qinhai, a company that holds a residential site in Shanghai's Huang Pu district, for 105 million yuan. The purchase will increase the listed developer's shareholding in the lot to 70 per cent.