Sino-Ocean Land and Swire Properties jointly announced the sale of Pinnacle One, an office tower in Chengdu Daci Temple Cultural and Commercial Complex, for approximately RMB2.1 billion.
The transaction involved the sale of a substantial portion of the Grade-A office tower with gross floor area of approximately 1,150,000 sq ft (approximately 107,000 sqm)* and 350 car parking spaces, representing approximately 89% of the tower’s total gross floor area.
Chief Executive Officer of Sino-Ocean Land Li Ming said: "The sale of Pinnacle One demonstrates major property investors’ confidence in Sino-Ocean Land’s ability in property development. It also helps Sino-Ocean Land in venturing and consolidating the Southwestern market. "
“Pinnacle One is Swire Properties’ first trading property in Mainland China,” said Guy Bradley, Swire Properties’ Chief Executive Officer – Mainland China. “We are pleased with the sale as it demonstrates the strong demand for quality commercial properties in Chengdu. It is also indicative of the market’s appreciation of the product and brand value for our development.”
Situated in the prime location of Dongda Street, Chengdu, Pinnacle One offers premium office accommodation for multinational and local companies. The tower is currently under construction and is scheduled for completion in 2014.
Chengdu Daci Temple Cultural and Commercial Complex in Chengdu is the second joint-venture development by Sino-Ocean Land and Swire Properties. Besides Pinnacle One, the mixed-use complex also comprises Sino-Ocean Taikoo Li Chengdu - an open-plan, lane-driven mall covering approximately 1,140,000 sq ft (approximately 100,000 sqm)*, The Temple House - a 100-room urban hotel and 42 serviced apartments managed by Swire Hotels. Upon completion, the 2,700,000 sq ft (approximately 250,000 sqm)* complex will be directly connected to Chunxi Road metro station where Metro Lines 2 and 3 interchange.
*Gross floor area excludes car park areas.