Swire Properties announced today (Wednesday, 22 December 2004) that the Company and Guangzhou Daily held a ground-breaking ceremony for their joint development Taikoo Hui to mark the commencement of construction for this commercial and cultural complex located in Tianhe district, Guangzhou.
Situated in the heart of the Tianhe district, the first substantial development of Swire Properties in the Mainland is directly connected to Shi Pai station of the Metro Rail. The project, in which Swire Properties holds a majority 97% stake, provides a gross floor area of four million sq ft (450,000 sq m) and its total investment amounts to RMB4 billion. The development is scheduled for completion by 2008 and will be managed by Swire Properties Limited.
On completion, Taikoo Hui will comprise 1,184,000 sq ft (110,000 sq m) of prime shopping space, together with two office towers, a five-star hotel and a cultural centre. Designed by internationally renowned Miami-based architectural firm Arquitectonica, the mixed commercial centre represents an exciting and emblematic departure from other developments, as well as being one of the city's first fully integrated and managed commercial properties.
Officiating at the ceremony were Swire Properties' Managing Director, Keith Kerr, Guangzhou Municipal Party Standing Committee Member & Director of Municipal Publicity Ministry, Chen Jian Hua, Head of Guangzhou Tianhe District Government, Zheng Sheng Kai and Guangzhou Daily Director, Zhang De An.
Speaking at the ceremony, Kerr said, 'We are delighted to be investing again in Guangzhou, a city with which the Group has had a long historical connection. Taikoo Hui offers us the opportunity to introduce a new standard of quality shopping and office space to the discriminating consumers of this bustling metropolis. We feel that with their support and our wholehearted commitment, we will create an outstanding development-one that represents the very heartbeat of Guangzhou and the best which the province has to offer.'
Swire Properties is a leading developer in Hong Kong. Key shopping malls developed and managed by Swire Properties include Pacific Place, Festival Walk and Cityplaza. These developments are not only prime properties in Hong Kong's retail portfolio but are also well-known destinations for Mainland visitors.