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Kenneth Ko

Kerry Properties' US$70 million Shenzhen Kerry Centre in Shenzhen is set to go on the market for sale and lease next month.

  The 33-storey office-commercial complex, in Renmin Road South and Youyi Road, is a joint venture with Top Glory Group, Salim Group of Indonesia and Shenzhen Control Industry Development Company.

  The 850,000-square-foot project comprises 27 floors of office space, a five-level shopping mall and a two-level car parking spaces.

  Project marketing manager Lily Zhong said the office floors were expected to go on sale at an average price of about $1,672 a sq ft.

  Office unit sizes range from 452 sq ft to 20,215 sq ft for an entire floor.

  The purpose of having such a wide range of sizes was to cater to different company needs.

  Ms Zhong said many companies and prospective buyers had approached the company for premises in the tower, which is scheduled for completion by the middle of next year.

  She said selling prices at the Shenzhen Kerry Centre were set at market rates. Office prices in Shenzhen range from about $1,390 to $2,300 per sq ft.

  Some office units in the project would be available for lease at $9 to $14 per sq ft monthly, she said.

  Initially, about half of the office spaces, mainly on the lower floors, are expected to be offered for lease.

  Despite the large supply of new offices in the city, analysts said the Shenzhen Kerry Centre should attract buyers and tenants because of its prime location.

  The project is about five minutes' walk from the Shenzhen railway station and 30 minutes' drive to the special economic zone's international airport.

  Prime commercial buildings in the surrounding area include Shenzhen Development Centre, Friendship City Shopping Centre and Shenzhen International Trade Centre.

  According to Kerry, the proposed Shenzhen underground railway network will have a station near the project.

  Rental rates for shops in the five-level 140,000 sq ft retail complex are expected to be about $56 per sq ft a month.

  Shenzhen Kerry Centre is Kerry's first commercial development in the special economic zone.

  Kerry also has property developments in other cities including Beijing, Shanghai, Changchun, Shenyang, Dalian, Qingdao, Tianjin, Fuzhou, Suzhou, Harbin, Wuhan and Beihai.

  In Shenzhen, Kerry's parent group runs the Shangri-La Hotel Shenzhen and Xili Golf Club, and has investments in industrial projects.

FACT FILE DEVELOPMENT: Shenzhen Kerry Centre, Shenzhen DEVELOPERS: Kerry Properties, Top Glory Group, Salim Group, Shenzhen Control Industry Development Company OFFICE FLOORS ON OFFER: 27 SIZE OF UNITS: 452 sq ft to 20,215 sq ft (whole floor) AVERAGE PRICE: $1,672 per sq ft AVERAGE RENT: About $9 to $14 per sq ft a month DATE OF OFFICIAL SALE: July EXPECTED COMPLETION DATE: Mid-1997 FACILITIES: Five-level shopping arcade, car parking spaces, more than 3,000 IDD telephone lines 



Shenzhen Kerry Centre set for July sales launch