Hongkong Land unveils 10 planned retail developments in China

Its Shanghai West Bund Financial Hub will have a total development area of 1.1 million sqm.

Hongkong Land has unveiled further details for its planned Shanghai West Bund Financial Hub and 10 new planned retail developments in China.

Over the next five years, Hongkong Land will open 10 new developments under its CENTRAL or The Ring series across 7 cities in China: Chongqing, Chengdu, Wuhan, Shanghai, Nanjing, Hangzhou, and Suzhou.

These developments will add 280,000 square meters (sqm) of retail floor space to the group’s portfolio and will bring the total number of the group’s commercial developments in China to 17, the group revealed in a keynote event held at the Shanghai Xuhui West Bund Art Centre on 8 June.

Hongkong Land also provided updates for its planned Shanghai West Bund Financial Hub, in which Hongkong Land is investing $8b (RM60b) as part of a joint venture. The hub’s art center West Bund Orbit is expected to launch to the public by end-2023.

The financial hub is expected to have a total development area of 1.1 million sqm, comprising of 650,000 sqm of Grade A office space; 240,000 sqm of luxury and retail space; and 160,000 sqm of high-end waterfront residential apartments, as well as hotel, convention, and cultural facilities.

Construction is divided into three phases, with the first phases targeted primarily for residential properties and serviced apartments, expected to be launched in 2023 and 2024.

The second phase, consisting of offices, a hotel, and a convention centre, is expected to be completed between 2024 and 2026.

The third phase will consist of offices and luxury retail, as well as a premium hotel and service apartments, and has a target competition date of between 2026 and 2027.

All the buildings in the planned financial hub will have LEED and WELL double platinum pre-certification, Hongkong Land said.

Mr. Ling Chang Feng, Executive Director, China Property, Hongkong Land, said: "In its 134-year history, Hongkong Land has been at the forefront of urban development trends, developing premium commercial and residential properties that have enhanced neighbourhoods and communities.

“Regardless of where we are in the economic cycle, Hongkong Land has always focused on its long-term strategy, which in China means actively participating in and promoting high quality, creative and sustainable urban construction to foster growth and prosperity,” Mr. Ling said.

The Shanghai West Bund Financial Hub project is Hongkong Land’s interpretation of a “new urban evolution model”, said Alvin Kong, executive director, commercial property, for Hongkong Land.

“We are already applying this model to other cities through our CENTRAL and The Ring series, in doing so, are catalysing the unique innovative and creative elements of individual cities to create a new category of commercial property,” Kong said.

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