Wharf (Holdings) yesterday teamed up with China Suzhou Industrial Park Land to acquire a package of five commercial and residential sites in Suzhou, Jiangsu province, for 3.07 billion yuan.
The developer will build a 420-metre skyscraper on the commercial site. The building will be as tall as the 88-storey Jin Mao Tower in Shanghai, now the tallest tower on the mainland and the world's seventh highest.
Jin Mao Tower is taller than Two IFC in Hong Kong. But it will be only the second-tallest building on the mainland after the 491-metre l Mori Building in Shanghai is completed next year.
Wharf and China Suzhou won the sites in a land auction for 2,442 yuan per square metre.
The package of development sites include a commercial site near the lake of Suzhou and four residential lots on Zhong Nan Street with a 1.25 million square metre gross floor area.
The 21,281 square metre site could be developed into a retail, office and serviced apartments project with a combined gross floor area of 351,134 square metres.