Rockefeller Group says part of its mammoth residential-office-retail-hotel development in Shanghai's historic Bund area will be ready for sale or lease by late 2007.
William Tung, the group's Asia-Pacific managing director and chairman of Shanghai Bund de Rockefeller Group Development, which is overseeing the project, said: 'We will get possession of the site at least within the next year and should have part of it opened by late 2007.'
The US$300 million first phase involves seven buildings with a floor area of more than one million square feet, which will include commercial and cultural facilities, serviced apartments and office space as well as public squares.
It is Rockefeller's first property project in China. The company's partners include Shanghai New Huangpu Group and Hong Kong-listed Sinolink Worldwide Holdings.
Mr Tung said the 120 residential units would be aimed at the domestic market rather than overseas buyers. 'We have already got lots of interest from domestic buyers,' he added.
He declined to disclose the break-even point, but said the project's investment return rate was 30 per cent.