Taipingqiao partners break ground
The groundbreaking ceremony for a 390,000-square-meter commercial and office complex in downtown Huangpu District, a joint development between Shui On Land, China Pacific Life Insurance Co and Shanghai Yongye Enterprise (Group) Co, was held on Saturday.
Upon its scheduled completion in 2023, the project, covering a total site area of 35,000 sqm in the vicinity of Middle Huaihai Road, will complete an integrated hub of offices, commercial and residential properties in Taipingqiao.
"We are very honored to be able to participate in the development of this project with two very solid partners," Vincent H.S. Lo, chairman of Shui On Land, said at the groundbreaking ceremony. "As the project development manager and asset manager on its completion, we will utilize our profound experience in the development of city center master-planned communities accumulated over the past two decades, as well as our expertise in commercial asset management, to build a new landmark for Shanghai."
In July 2018, Shui On Land, in partnership with CPIC Life and Yongye, acquired the three land plots for over 13.6 billion yuan (US$1.9 billion) with Shui On Land owning 25 percent, CPIC Life 70 percent and Yongye 5 percent interests.
Boasting excellent connectivity with Shanghai Xintiandi, Corporate Avenue offices and Taipingqiao Lake to its West, Lakeville residential developments to its South, Huaihai Park to its North and South Xizang Road to its East, the project will have a total built-up floor area of about 390,000 square meters. Office space will take up about 200,000 square meters while retail and culture purposes will occupy some 100,000 square meters, the company said.
Designed by award-winning architecture and interior design firms including New York-based Kohn Pederson Fox (KPF), Shanghai-headquartered Kokaistudios, WSP and East China Architectural Design and Research Institute, the development will mainly comprise of a 250-meter skyscraper housing premium offices, two Grade A office towers standing both at around 100 meters, a retail podium and a car park, among others.
Positioned as an integrated and holistic community just like Shanghai Xintiandi where people can live, work, learn and play, the new landmark project will imbue new vigor to the neighborhood along Xizang Road and the Laoximen area.
"We believe this project will help support the economic growth of Huangpu, providing a further boost for Shanghai to become the most dynamic and attractive international metropolis," Lo said. "It is also destined to emerge as the new role model of urban renewal development in China."
Headquartered in Shanghai, Shui On Land, the flagship property arm of Hong Kong-based Shui On Group on the Chinese mainland, is undergoing a major transformation into a leading commercially focused property developer, owner and asset manager in China under an Asset Light Strategy. It is also one of the largest private commercial property owners and managers in Shanghai, with a total portfolio of 1.65 million square meters of office and retail premises.