Shum Yip Land to invest HK$25b in UpperHills development in Shenzhen
Development comprises two office-hotel towers, two luxury residential buildings and a three-storey shopping mall targeting young people
Shum Yip Land, the commercial property arm of Shenzhen Investment, will invest 20 billion yuan (HK$25.3 billion) in its UpperHills commercial-residential project in Shenzhen.
Shenzhen Investment is partially owned by the government of Shenzhen.
"Construction work on the residential towers has begun, while the foundation work for the office and hotel towers will begin at the end of the year," said Shum Yip deputy general manager Peter Kok Kai-lam yesterday.
Kok added that the project was scheduled for completion in 2017 or 2018.
The development, on Sungang West Road, near Futian's central business district, comprises two office-hotel towers, a three-storey shopping centre and two luxury residential buildings. Incorporated into the project is 100,000 square metres of loft space, for mixed use. The project will have a total gross floor area of 1.12 million sq metres.
"The 650-flat residential project will be launched for sale in two months. We aim to sell 30 per cent of the flats by the end of this year," Kok said, adding that the asking price had yet to be decided. The flats range in size from 106 to 450 sq metres.
The outlook for the retail property market is uncertain as mainland developers have rushed to build malls over the past few years. Many of them have few tenants.