Foreign Property News | Posted by Si Thu Aung
Just three months after buying a 50 percent stake in a site in Shanghai’s Huangpu district from financially troubled China Minsheng Investment Group, state-backed Greenland Group has unveiled plans for a relaunch of what it says is a RMB 100 billion ($14.66 billion) mixed-use riverfront project.
Now renamed as the Greenland Bund Centre, the 1.2 million square metre development, will include four grade A commercial buildings, one of which will include a five star hotel, eight residential blocks and retail space built around a central green square, according to an announcement by Greenland Group on May 8th.
The developer, said to be the largest enterprise under the auspices of the Shanghai municipal government, is showing off its plans for the project after Minsheng Investment’s default on a RMB 3 billion bond forced the company to sell the long-stalled property.
The efforts by Greenland Group promise to bring a bustling new urban hub to an area a few kilometres south of Shanghai’s historic Bund waterfront where earlier attempts by Minsheng Investment and other developers remain rubble-strewn construction sites half of a decade after sites were purchased for record prices.
Speaking to the local press this past week, Greenland Group’s Zhu Yibin said that most of the project’s commercial space will be held en bloc with the company expecting to market seven low-rise office blocks to corporations for investment and self-occupancy.
In all, Greenland Bund Center will have 760,000 square metres of built area on its 130,000 square metre site.
Currently in the early stages of construction, Greenland’s plan centres on a 300 metre supertall tower, which will be home to the hotel, along with three office towers of 240 metres, 150 metres and 141 metres in height respectively.
Ref: Property Report
