The Guangzhou city government has invited local and multinational developers to bid an estimated 5 billion yuan for its landmark East Tower commercial site in the city's new central business district.
At a height of about 450 metres, the East Tower project in the Zhujiang New Town financial centre will be the tallest building in Guangzhou and one of the top five tallest buildings in the world.
The site is expected to draw interest from domestic and international consortiums as Zhujiang New Town is being recognised as a new financial centre, according to Woody Lam Muk-hung, managing director of Savills' South China division.
However, some consultants said there would be only a handful of interested parties qualified for the bidding because of the sizeable investment costs and the prerequisites listed in the bidding document.
A consortium led by Donald Trump and Guangzhou-based developer Evergrande Real Estate has already expressed interest in the project.
Meanwhile, Sun Hung Kai Properties is reportedly interested in teaming up with the city government-backed Guangzhou City Construction & Development Property Holdings to bid. Guangzhou R&F Properties also said it would form a consortium to bid for the site.
With a total gross floor area of 368,000 square metres, the accommodation value of the project is expected to be worth around 15,000 yuan per square metre, equal to a land price of about 5 billion yuan.
