Shui On Land has bought a 640,000 square metre site in Foshan of Guangdong province for 7.5 billion yuan, marking its first foray into the southern province.
Shui On Land said it would build a giant mixed-use development providing a total gross floor area of 1.5 million sq metres. It will include residential and office buildings, as well as retail, restaurant, entertainment, tourism and cultural facilities.
The development, situated at the centre of Zumiao Donghua Lane in Foshan, will include a restoration project known as 'Foshan Tiandi'.
It was named after its Shanghai Xintiandi, a trendy entertainment and dining area, plus a restoration of Shikumen architectural buildings in the city's Luwan district.
Shui On did not give the total investment cost of the development or say how it planned to finance it, but said it might invite strategic partners to co-invest in the project. No definite plans or terms have been fixed, according to the company.
A 1.2 billion yuan deposit on land costs has been paid and another 1.05 billion yuan will be paid on or before January 29 next year.
The rest of the 5.26 billion yuan will be paid in stages, in line with the relocation progress of the land, expected by or around 2010.
