Swire mall rises in Shanghai hubBusiness | Staff reporter 19 Nov 2018
Swire Properties (1972) is expected to launch a retail development in Shanghai Pudong's new business district by the end of 2020.
Located in Pudong's Qiantan district, Taikoo Li Qiantan will become the group's second development in the city, after HKRI Taikoo Hui in Puxi.
Swire acquired a 50 percent interest in February from state-owned Shanghai Qianxiu for the land-use right of the retail project in the district for around 1.35 billion yuan (HK$1.67 billion).
Connected to a three-line metro interchange station in Shanghai's newest international business district, the project spans approximately 1.25 million square feet in terms of gross floor area.
It is expected that Qiantan will become an integrated commercial and residential hub which would be comparable to Hong Kong's Taikoo Place and Taikoo Shing in Quarry Bay, Swire Properties general manager of new projects (retail) Alan Lo said.
Following Shanghai's rapid urbanization, Lo said Qiantan will benefit from increasing demand for commercial space in the city, offering a new option in addition to the Lujiazui financial district in Pudong.
Qiantan's international business zone has an area of around 2.83 square kilometers, of which one-third is green spaces and 3.5 million sq m of total gross floor area designated for commercial, residential and leisure use.
Multinational corporations including the UK-based Jaguar Land Rover have rented office spaces in the district.
New residential projects in the area are priced at an average of around 85,000 yuan per sq m, or around HK$9,600 per sq ft.
Elsewhere in China, Swire has four large-scale mixed-use projects, including Taikoo Li Sanlitun and Indigo in Beijing, Taikoo Hui in Guangzhou, and Sino-Ocean Taikoo Li Chengdu in Chengdu.