CAPITALAND China, a subsidiary of CapitaLand Ltd, Southeast Asia's biggest developer, announced yesterday that it has acquired a land parcel designated for commercial use in Shanghai's Zhabei District at a price of 598.1 million yuan (US$78.7 million).

The Singapore-based property developer plans to build an office building, hotel and ancillary commercial facilities on the 20,310-square-meter site, the company said yesterday in an emailed statement to Shanghai Daily. The project, located on Guangzhong Road W. and close to the 680,000-square-meter Daning Lingshi Park, will introduce its office development to the market in the first half of 2009, the company said.