SOHO China has sealed its ninth project in Shanghai after it acquired a nearly-completed office building in Pudong New Area.

The Beijing-based developer has agreed to pay 1.89 billion yuan (US$294 million) for the 24-story office tower except for its top floor. The tower, with a total built-up area of more than 60,500 square meters, is located in Zhuyuan. The office tower will be renamed SOHO Century Avenue, according to a statement released yesterday by the company.

With this acquisition, SOHO China has so far invested more than 18 billion yuan in Shanghai's commercial real estate market over the past two years through buying either existing buildings or land parcels in prime locations across the city as part of the developer's strategic plan to extend its operations in Shanghai.

"This is SOHO China's first project on the other side of the Huangpu River since we first tapped the local market in August 2009," said Pan Shiyi, chairman of SOHO China.

"Demand for office space in Zhuyuan has been really strong, with numerous insurance and securities firms as well as other financial and trading institutions around. We do expect it to emerge into another significant financial hub in Shanghai after the Little Lujiazui area."

The company has a footprint in Shanghai's prime locations including Nanjing Road, the Bund, Huaihai Road, Xujiahui, Sichuan Road, Caojiadu and Hongqiao Transport Hub.

The biggest developer in Beijing's central business district, SOHO China disclosed it will continue to keep a close eye on further opportunities to acquire high-end commercial real estate developments in Shanghai and Beijing.