Shun Tak to partner with Shanghai Lujiazui in HK$6.9bn mixed-use development in Shanghai
The project will feature offices, shopping, hotel accommodation and arts and cultural centre on a 133,500 square metre site in the Shanghai free-trade zone
Hong Kong-based conglomerate Shun Tak Holdings and developer Shanghai Lujiazui Group have acquired land to develop a 6 billion yuan commercial joint venture project in Shanghai, according to a stock market filing.
The project has a total gross floor area of 133,500 square metres, and will form part of Shanghai’s pilot free-trade zone, an area with greater financial flexibility in the mainland. The site plan includes around 70,000 sq m of office space, 14,000 sq m of retail space, 20,000 sq m for hotel properties, and around 30,000 sq m designated for an art and cultural centre.
The hotel will be managed by Shun Tak’s hotel management subsidiary, Artyzen Hospitality Group.
“It is expected that the project will be benefited from its superior location,” Shun Tak said in the filing. “The group will also be able to enhance its recurrent income and capture capital appreciation potentials over the long run.”
The land use contract is expected to be entered into before February 1 next year.
