'Intelligent' Beijing plaza targets multinationals

SOFT marketing is underway for Ceroil Plaza in Beijing which is expected to become a popular office location for multinationals in the city.

All the grade A office and retail space at the two-tower complex will be offered for lease at the start of November.

Ceroil Plaza's developers, the Kerry Group, Top Glory and China National Cereal Oil and Foodstuffs Import and Export Corp, said it was a highly advanced, sophisticated office building.

'This intelligent building is equipped with a wide range of hi-tech telecommunications facilities, including computerised multi-media information directory,' a spokesman for leasing agent C Y Leung said.

There was a 'strong response' to the soft marketing campaign, but nothing had yet been signed, he said.

Ceroil Plaza is located at Jianguomennei Dai Jie, next to the Customs Headquarters and opposite the International Hotel in the Dongcheng district.

Wilson Nei Kin-hung, executive director at property consultants Vigers, said Ceroil Plaza would become a popular site for multinationals.

High-quality grade A office developments, such as Ceroil Plaza, on roads such as Jianguomennei Dai Jie, were at present in high demand from prospective multinationals, he said.

Top Glory and the Kerry Group were strong brand names in China, which would have additional pulling power with tenants, Mr Nei said.

Strong buyer interest in the office units offered at the newly launched Henderson Centre in Beijing would be good for Ceroil Plaza, he said.

Ceroil Plaza's rental charges, which vary from $43 per square foot to $56 per sq ft, were in line with market rates, he said.

But Mr Nei said the developers would find it harder to shift the 645,600 sq ft of retail space at Ceroil Plaza.

It would take time to lease Ceroil Plaza's shop units because a large supply of retail premises would be coming on to the market in the Chinese capital during the next few years, he said.

However, the Kerry Group's success in leasing a large amount of retail space at Beijing's World Trade Centre would see the project through, he anticipated.

Billy Lo Chi-keung, director at Jones Lang Wootton, expected the pressure on office space in Beijing to continue well into next year when Ceroil Plaza became available for occupancy.

The greatest impetus behind growing demand would come from among those multinationals already established in the city, because they wanted to expand operations there, he said.

FACT FILE DEVELOPERS: Kerry Group, Top Glory and China National Cereal Oil and Foodstuffs Import and Export Corp.

DEVELOPMENT: Ceroil Plaza comprises two grade A office towers, of 13 and 14 storeys, and an eight-level retail podium-basement at 8 Jianguomennei Da Jie, in Beijing.

OFFICIAL MARKETING DATE: Early next month OFFICE SPACE FOR LEASING: About 645,600 square feet.

SIZE OF OFFICE UNITS: Tower A, 580 sq ft to 30,454 sq ft; Tower B, 537 sq ft to 25,371 sq ft.

RENT FOR OFFICE UNITS: From $43 per sq ft to $57 per sq ft.



SIZE OF RETAIL UNITS: From 200 sq ft to 150,000 sq ft.


FACILITIES: Business Club, computerised information directory, AT & T unit for voice and data communication, modem, packet switching (X25), ISDN, video phone applications and closed circuit TV.