2010-07-19 16:05

Morgan Stanley has sold a serviced apartment project in Pudong for 1.2 billion yuan ($177 million), making it the second-largest residential deal in Shanghai so far this year, the South China Morning Post reported on Monday.

Morgan Stanley Real Estate Fund has sold the residential project Pinnacle Century Park, comprising 284 apartments, to JP Morgan Greater China Property Fund, the newspaper said citing people familiar with the deal.

The price represents about 26,000 yuan ($3,838) per square metre, compared with 18,000 yuan that Morgan Stanley paid in 2006, the newspaper said.

It is set to be the second-largest residential deal in Shanghai so far this year after Goldman Sachs sold the project Shanghai Garden Plaza to Shanghai Forte Land for 2.24 billion yuan earlier in 2010, the paper added.