At the end of September, after the Shanghai Cuihu Tiandi Liuhe project sold out and raised nearly 12 billion yuan, Shui On Land secured another super-large urban village renovation project in Shanghai after a month.
On October 30, Shui On Land officially signed a cooperation framework agreement for the &#34;Beigang Urban Village&#34; renovation project with the government of Nanjiao Town, Shanghai.
As the second round of urban village development projects in Shanghai, the Beigang Urban Village renovation project is located in the core area of Nanjiao Town, Fengxian New City, covering an area of approximately 779 acres, with plans to build residential, commercial, hotel, park, school, and cultural facilities.
As a developer deeply rooted in Shanghai for nearly 30 years, Shui On Land's projects such as Shanghai Xintiandi, Ruihong Xincheng, Chuangzhi Tiandi, and Hongqiao Tiandi are basically representative works of urban renewal projects.
The signing of the Beigang Urban Village project further opens up Shui On Land's commercial landscape in the Fengxian area of Shanghai.
Beigang Urban Village Renovation
Beigang Urban Village is located in the Zhangwengmiao Village area of Fengxian District, Shanghai, with an application range of 765 acres for the urban village, and a core area of 720 acres, where collective land accounts for 61%. The project is bordered by Nanjiao Road to the east and the Punan Canal to the south, surrounded mainly by built-up areas with a dense population.
In 2021, the planning adjustment for the core area of 720 acres was initiated, and by the end of 2022, 164 households and 9 enterprises had completed relocation agreements, beginning negotiations with companies like Shui On Land, but the final cooperation list had not yet been determined.
In September 2023, the detailed planning adjustment for the FXC1-0002 unit in Nanjiao New City, Fengxian District, Shanghai, was partially adjusted for the 03-18 block, which includes the Beigang 720 Urban Village and surrounding areas, namely the Beigang Urban Village renovation project.
It is reported that this adjustment aims to accelerate the implementation of the Nanjiao Beigang Urban Village renovation project, promote urban renewal in the area, and achieve functional transformation and upgrading. At the same time, it coordinates the functional improvement of other plots within the new city unit 02, with the planning scope larger than that of the urban village.
&#34;The Beigang Urban Village will be built into a waterfront living room in western Fengxian, where residents and tourists can experience a city quality of life led by organic and healthy living.&#34; A year later, the aforementioned regulatory adjustment was officially approved, and the Nanjiao Town government formally signed the project cooperation framework agreement with Shui On Land.
According to the content of the regulatory adjustment, the area is expected to provide approximately 5,000 residential units; commercial and office land (including reserved land) of about 15.8 hectares; public service facility land of about 11.1 hectares; and adjusted green space of about 13.2 hectares.
According to reports from Guandian New Media, after the adjustment, Beigang Urban Village will focus on residential life as the main function, creating a waterfront living room in western Fengxian. The overall development scale after the adjustment is approximately 1.612 million square meters, with residential building scale of about 1.137 million square meters and newly built commercial housing scale of about 563,000 square meters.
In addition, the project will appropriately reduce the amount of riverside commercial development, with commercial and office building scale of about 357,000 square meters and public service facility building scale of about 118,000 square meters
From the perspective of surrounding locations, the adjusted land for basic education facilities includes a total of 4 sites, comprising 2 newly added kindergartens, 1 Yuxian Primary School, and 1 newly added 24-class junior high school. Additionally, according to the new city unit planning and elderly care special planning requirements, the adjusted land for district-level public service supporting facilities includes a total of 4 sites, consisting of 3 cultural facilities and 1 retained administrative facility.
It is noteworthy that the Beigang City urban village project is the only planned urban village project to commence construction within the Fengxian New City area. According to Shui On Land's plan, construction is expected to start by the end of 2024, with an overall construction period of approximately 75 months.
Shui On Land's Shanghai Layout
The story of Shui On Land and Shanghai indeed begins with urban renewal.
Since 1996, Shui On Land has laid out multiple urban renewal projects in Shanghai, including not only the Beigang City urban village project but also Xintiandi, Ruihong Xincheng, Chuangzhi Tiandi, Hongqiao Tiandi, and more, with the most recent being Panlong Tiandi.
In 2014, Shanghai launched the urban village renovation, approving and confirming renovation plans for 48 projects, with Panlong Village in Qingpu District being one of them. Looking back in history, Panlong Town became an important hub for grain transportation in Shanghai due to several rice shops and rice factories. However, with administrative district adjustments, most shops moved south to Xujing, gradually marginalizing Panlong Town's central position.
Therefore, in the renovation plan, Shui On proposed the project positioning of &#34;Shanghai's Front Gate Courtyard, Jiangnan New World,&#34; transforming it into three major spaces: approximately 230,000 square meters of public park green space Panlong Park, approximately 50,000 square meters of water town commercial Panlong Tiandi, and approximately 250,000 square meters of residential Panlong International Community.
According to viewpoints from new media, the project started in 2014 and officially opened at the end of April 2023.
Panlong Tiandi is a significant highlight of Shui On Land's urban renewal efforts in Shanghai, but the most market-attended project recently is the sixth phase of Cuihu Tiandi (Taipingqiao Plot 122 project).
On the eve of National Day, the sixth phase of Cuihu Tiandi was launched, with 108 units sold out on the same day at an average price of 210,000 yuan per square meter, generating approximately 12 billion yuan in revenue.
This project is located in the core area of Xintiandi on Huaihai Middle Road in Huangpu District, Shanghai, and is part of the residential section of the Taipingqiao old district renovation urban complex project. The Taipingqiao complex has been a key urban renewal project for Shui On since the 2000s, with the flagship shopping center Shanghai Xintiandi also located here.
However, upon closer inspection of the development entity Shanghai Fuzhi Real Estate Co., Ltd., it is jointly owned by Shanghai Yongye Enterprise (Group) Co., Ltd. and Shui On Land's subsidiary Leji Co., Ltd., each holding 50%.
Previously, in 2021, Leji entered into a capital increase agreement with the Shanghai Huangpu State-owned Assets Supervision and Administration Commission, with both parties increasing their investment in the Taipingqiao project. After completion, both parties hold 50% equity in the joint venture company Shanghai Fuzhi Real Estate. It is worth noting that the joint venture company will no longer be a subsidiary of Shui On Land and will not be consolidated into its accounts.
However, from Shui On's third-quarter sales figures, the sixth phase of Cuihu Tiandi provided almost all the support for the sales data.
According to the third-quarter property sales briefing, during the reporting period, Shui On Land's contracted property sales amounted to 12.863 billion yuan, of which residential property sales were 12.736 billion yuan, and commercial property sales were 127 million yuan
The total sales building area is 69,100 square meters, with 287 parking spaces sold, and an average selling price of RMB 186,000 per square meter.
The announcement specifically mentioned that Cuihu Tiandi Phase Six contributed RMB 11.979 billion.
Additionally, in October 2022, SHUI ON LAND collaborated with Yangshupu Real Estate to layout the Yangpu historical and cultural preservation project, namely the Pingliang 6 block, with a property linkage price reaching RMB 210,000 per square meter. It is expected that this project will also provide more cash flow for SHUI ON LAND in the future.
At the performance meeting in March 2024, Wang Ying, the CEO of SHUI ON LAND, stated that this project and Cuihu Tiandi Phase Six could provide the group with more sales resources and bring continuous sales revenue

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SHUI ON LAND signed a cooperation framework agreement for the "Beigang Urban Village" renovation project in Nanjiao Town, Shanghai, after receiving 12 billion yuan. The project covers an area of approximately 779 acres and plans to develop diverse formats including residential, commercial, hotels, and parks, aiming to promote urban renewal and functional transformation in Fengxian District. The renovation of Beigang Urban Village will open new opportunities for SHUI ON LAND's commercial development in the Fengxian area of Shanghai

After raising 12 billion, Shui On Land has signed another large-scale renovation project in Shanghai