Full Link Plaza to be Beijing hit
INVESTORS in Full Link Plaza in Beijing can expect yields of up to 30 per cent based on the existing average Grade A office rental of $55 per sq ft, according to First Pacific Davies (FPD).
When completed in 1996, the complex will command the highest commercial rents in Beijing, FPD forecast.
Raymond Lee, director of FPD (HK), said Full Link Plaza would be Beijing's equivalent of Exchange Square in Hong Kong.
The reason for the optimism is obvious. Many multinationals are looking to relocate their regional headquarters to Beijing, especially since office rentals in Hong Kong are likely to soar to higher levels with every quarterly cycle.
And with fewer than 40 foreign sales licences issued for Grade A office developments so far, demand will far exceed supply in the near future. FPD is confident that Full Link Plaza will be the most prestigious business address in Beijing.
Describing FPD's first marketing venture in Beijing, Mr Lee said: ''A number of developers with projects in Beijing are inviting us to undertake marketing and management but we are being very selective and Full Link Plaza is the only one we have chosen so far.'' One of the largest commercial projects in Beijing, Full Link Plaza occupies 1.2 million sq ft of prime land in the heart of Beijing, of which 800,000 sq ft is for offices and 430,000 sq ft for retailers. Office sizes range from 1,288 sq ft to 54,896 sq ft for an entire floor.
Full Link Plaza features a twin tower with the taller one 29 storeys high. The shorter one is 15 storeys high. The complex has a glass curtain wall, floor plates offering 74 per cent efficiency, 19 passenger lifts, five service lifts, 22 escalators and 296 car-parking spaces.
Other facilities include central air-conditioning, false ceiling, optical fibre backbone, ample IDD telephone and fax lines, and satellite television. Occupants of office floors have exclusive use of the business centre and health club facilities.
Full Link Plaza will also house a district telephone exchange, thus guaranteeing one IDD line for each 50 sq ft.
Located in the heart of Chaoyang business district, the complex is adjacent to the new Ministry of Foreign Affairs building and a light railway station linked to Beijing's new airport. The complex is also within walking distance of China World Trade Centre and is close to first-class hotels such as the Swissotel, Kempinski Hotel, Jing Guang Hotel and others.
Full Link Plaza is a joint venture between Full Link Holding Inc, some Hong Kong jewellery merchants and Beijing Chaowai Commercial Centre Comprehensive Development Co.
Investment in the plaza so far had exceeded US$100 million, Mr Lee said.
FPD has been assigned as the sole property manager and is also joint sales agent together with City Property Consultants. The project will be publicly launched today at prices ranging from $2,200 per sq ft upwards. The Bank of China is offering up to 60 per cent in mortgage financing.
The first six floors are reserved for retailers. Full Link Holdings, the major shareholder in the project, will occupy the top three floors, while the rest of the offices are for sale. Ten other floors are already sold. Retail space is for lease only.
''Demand is expected to be very good because of the short supply of office space in Beijing. Also, Full Link Holdings will ensure a high standard of upkeep in accordance with its prestige,'' Mr Lee said.
Sales exhibitions will be held in the China Club at the old Bank of China Building from today until Saturday and in the Marriott Hotel from June 3 to 5.