Shangri-La JV developing $250M Ghanaian project

A JV between Singapore-based Perennial Real Estate and Shangri-La are seeking to develop a mixed-use development including a hotel property in Ghana, estimated at $250 million, DealStreetAsia reports. The development in Accra is expected to include a hotel, shopping mall, residential towers, office tower, and serviced apartments.

Perennial is a real estate owner, developer and manager that focuses on large, mixed-use developments primarily in China and Singapore, AFK Insider notes. It also manages a four-million-square-foot waterfront development in Penang, Malaysia.

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Hong Kong-based Shangri-La owns and operates hotels under the brand names Shangri-La, Hotel Jen, Traders, Kerry, Rasa, Summer Palace, and Shang Palace.

Perennial paid $15.2 million for a 55 percent stake of the site in Accra from Shangri-La, which owns the 12.3 acre plot, according to DealStreet.

Management will be jointly by Perennial and Shangri-la Asia, though the hotel property will be solely managed by a subsidiary of Shangri-La.

The development is expected to be complete in 2019, according to DealStreetAsia.