Swire Properties confirms the development of a substantial retail-led mixed-use project in Chaoyang District in Beijing in partnership with Sino-Ocean Land Holdings Ltd (SOL).
Located close to East Fourth Ring Road in Chaoyang District near Jiang Tai, the project will have a gross floor area of over 1,890,000 sq ft (175,000 sqm) on a site of approximately 630,000 sq ft (58,000 sqm). In addition to enjoying easy accessibility to the CBD area via Fourth Ring Road, the project is within a 15-minute drive on the Airport Expressway to Beijing Capital International Airport.
"We are delighted to join with Sino-Ocean Land in the development of this exciting new project in such a prime location within Chaoyang District," said Gordon Ongley, Swire Properties' Chief Executive Officer – Mainland China. "Combining Sino-Ocean Land's solid track record in property development in the Mainland and our development and management experience in Hong Kong, we hope to set a new benchmark for integrated project development in the capital city and thereby create a pleasant environment for the community."
Designed to meet the requirements of local and international residents and business organisations in this well-regarded district popular with multinational corporations, the project will be an integrated development with a retail centre of approximately 921,000 sq ft (86,000 sqm), over 600,000 sq ft (56,000 sqm) of Grade-A office space and a five-star hotel with over 380 rooms. The total project investment is around RMB 4 billion.
"We are very glad to co-operate on this project with Swire Properties and I am confident that we can fully utilise the strengths of both parties to develop a high-quality property," said Li Ming, Chief Executive Officer of SOL. "Sino-Ocean Land looks forward to broadening and deepening its cooperation with Swire Properties in future."
Developed as a 50:50 joint venture between the two companies, the project is scheduled to be completed in 2010. Upon completion, the project will be managed by Swire Properties.