Morgan Stanley has recently completed the purchase of a luxury service apartment project in downtown Xujiahui. The property, at the intersection of Tianyaoqiao Rd and Xingeng Rd, comprises 219 serviced apartments with a combined floor space of 26,636 square meters, and is the third phase of Novel City. It is a comprehensive real estate project which also includes residential, commercial and office buildings as well as clubs.　

The purchase price for the serviced apartments might be between 18,000 yuan (US$2,307.70) and 20,000 yuan per square meter, which could set the deal at about 479 million yuan to 533 million yuan.

Morgan Stanley has shown interest in this property for quite a long time, and the deal is believed to have been reached by the end of last year.

The recent deal is the third of its kind completed by Morgan Stanley in the city since last year. The US financial services firm bought four apartment buildings in Lujiazui Finance and Trade Zone in Pudong New Area in April for about 700 million yuan and purchased a high-end residential property in downtown Xujiahui for about 800 million yuan two months later.

"Any decision to make a deal of that kind is just natural and understandable," said Remy Chan, national director and head of commercial at Jones Lang LaSalle, a leading real estate services firm. "The prime location of that property probably guarantees a low risk of the deal."

Source:未知