Formerly known as Capetown Apartments this building was built during 1940．
This is another building featuring a Western modern architectural style．The most peculiar aspect about this building is its triangular layout which was the result of certain historical condition． Since the urbanization development of the concession areas in Shanghai had come to an end by the 1930s, villas and low houses had already occupied large areas of downtown and only fragmented plots and mostly on street corners were available for the construction of apartment buildings．Consequently the architects had to make do with the limited land and take maximum efficiency into consideration. Therefore, 240 Wukang Road is a good example of flexible design in a limited space．
This building is heavily influenced by the European modern architectural style of the 1920s as well as the streamlined design elements. The outward view of the building corresponds to its special shape．For example slender windows are installed on the arc-shaped curve of the acute-angle corner and link up seamlessly with the windows on the large facades facing the street, as a result, the whole building looks like a vessel during navigation．The architect of the building must have improvised a lot to come up with such a design．
The first owner of the building was Palmer & Turner Architects and Surveyors a British architectural design company that set up its Shanghai office during 1911．This firm was responsible for the design of a number of architectural landmark buildings built in the 1920s and 1930s, including The HSBC Shanghai Office, The Customs House, The Sassoon House, and the Chartered Bank and Wing On Mansion also the Blue Chimney Shipping Company. They also were involved in the design of the Jewish Synagogue and the Kempton Apartments．
After the outbreak of the Pacific War in 1941, the building became the site of Fuxing Bank of the infamous Japanese puppet regime．In 1944 the building was transferred to Zhongda Bank an economic supervising organisation that Japan used to control Chinese industries and legalize its illegal takeover of Chinese enterprises in the eyes of the world．
Now it is used as a residence, which is a five-story building containing eight apartments.