Foreign Property News | Posted by Aye Myat Thu
A Shanghai government developer has agreed to pay RMB 7.14 billion ($1.02 billion) for a site in the city’s Pudong district, where it will build a mixed-use commercial and residential complex featuring a 320-metre (1,050-foot) supertall tower.
Shanghai Zhangjiang High Tech Park Development nabbed the 58,225 square metre (626,728 square foot) site in the centre of Zhangjiang High Tech Park for the equivalent of RMB 16,786 per square metre of gross floor area, according to a filing to the Shanghai Stock Exchange.
The developer of the technology park east of the Huangpu River was the sole bidder for the site at a government land sale in late October.
The site is approved for the construction of 425,355 square metres of offices, retail and rental housing, including a megatall skyscraper that will complement a neighboring 320-metre tower to be developed by Lujiazui Group.
If completed today, the twin towers that will rise near Xuelin station on metro line 13 would rank as the city’s fifth-tallest buildings as well as the only supertalls located outside of Shanghai’s core districts.
The tender conditions call for the new project, which encompasses three land parcels as well as public green space and some underground space, to deliver at least 369 rental housing units in keeping with the central government’s push to expand the stock of rental housing in China’s largest cities.
The project will also feature interactive, experience-led retail facilities and an office component designed to attract corporate headquarters, academic research, media and cultural industries. The skyscraper is required to begin construction by March 31, 2020.
Ref: Property Report
