SWIRE properties signed a framework agreement today with a subsidiary of Shanghai Lujiazui Finance & Trade Zone Development Co Ltd to jointly develop a retail project in Pudong New Area.
Located in the planned business area of Qiantan with an expected total gross floor area of 124,000 square meters, the project will be Swire’s second development in Shanghai after HKRI Taikoo Hui and also its first project in Pudong.
The joint venture will be formed under a 50-50 structure, according to a statement released today by Swire.
“We are excited about this opportunity to participate in an important retail project,” said Guy Bradley, chief executive of Swire Properties. “We look forward to working with LJZ Company, one of Shanghai’s leading developers, and contributing our international and local experience in developing and managing large-scale retail developments.”
Envisioned as a new international business district in the city as well as an integrated commercial, residential and cultural hub, Qiantan is expected to benefit from Shanghai’s rapid urbanisation and the increasing demand for commercial space in Pudong outside the Lujiazui financial precinct.
Located on West Nanjing Road, the HKRI Taikoo Hui is a mixed-use development which includes premium office and retail spaces and luxury hotels. The 321,200-square-meter project, 50 percent held by Swire, is scheduled to open in phases from 2016 onwards.
Elsewhere in the Chinese mainland, Swire Properties also has large-scale mixed-use projects including Taikoo Li Sanlitun and INDIGO in Beijing, TaiKoo Hui in Guangzhou and Sino-Ocean Taikoo Li Chengdu in Chengdu.