Property developer plans to double its footprint in city
Shui On Land, the flagship property arm of Hong Kong-based Shui On Group on the Chinese mainland, plans to double its office portfolio in Shanghai within three years as the company continues consolidating its leadership as a commercially focused property developer, owner and asset manager in China.
According to its plan, the Shanghai-headquartered subsidiary will double its local office footprint over the next three years to more than 1 million square meters.
"Shui On has set a target to become the largest and most professional private owner and manager of premium offices in Shanghai over the next three years," said Betty Wang, deputy commercial director for office business & INNO KIC of Shui On Land. "Through two of our major office brands, Corporate Avenue and INNO, we are committed to providing flexible, social and modular solutions for our tenants."
The company is the largest private commercial property owner and manager in Shanghai, with a total portfolio of 1.68 million square meters of office and retail premises as of the end of last year, according to its 2019 annual report.
In one of the company's latest endeavors to up its game in the highly competitive marketplace, Shui On Land launched SHUI ON WORKX in May, a one-stop office management platform designed to enhance flexibility to meet the increasingly diverse demands of office users.
SHUI ON WORKX was initially implemented in Corporate Avenue Ruihong, a 150,000-square-meter premium office project in downtown Hongkou District.
Connected to the Linping Road Metro Station of Metro Line 4, the 170-meter, twin-tower development, scheduled to hit the market in August 2021, will offer its tenants more than 20 optional services, including an outsourced receptionist and administrative assistant, office facilities operation and maintenance, and a self-service cafe corner operated with a premium coffee chain.
Nationwide, Shui On Land manages almost 2 million square meters of office space.