Partner for station project
GUANGZHOU Investment said yesterday it had signed a contract with the Guangzhou Metro Corp to develop jointly a site at the Huangsha metro station with a Hong Kong partner.
A consortium of developers, with Guangzhou Metro, is developing three sites at the Huangsha metro station in Guangzhou.
Total investment for plots A, B and C is $266 million, with land costs of $155 million. The gross floor area is about 46,150 square metres, of which 80 per cent will be designated for residential development and 20 per cent for retail.
Guangzhou Investment, with the unnamed Hong Kong partner, will develop plot C at a cost estimated at one third of the investment.
Plot C will comprise one of three residential blocks that will adjoin a shopping centre.
The investment arm of the Guangzhou Government, which will own 80 per cent of plot C, said that on completion in 1998, the developers could offer the project for sale or rental.