WUHAN Times Square, one of the massive commercial and residential developments of Wharf (Holdings) in China, is expected to be put on the market in March next year. With plans to develop commercial projects under the name of Times Square in every major city of China, the Wuhan Times Square is due for completion by 1997. The first Times Square, in Causeway Bay, Hong Kong, opened early this year. Situated on the waterfront of the Yangtze River, the Wuhan project will comprise a 37-storey office tower, two residential-office blocks and a spacious shopping arcade. It will provide a total gross floor area of about two million sq ft. 'The project is planned for launch in March next year and will target overseas companies from Singapore, Taiwan and Hong Kong,' said Peter Tsang, business development manager of Wharf Wuhan. The first partial pre-sale is expected to be the office spaces, which are estimated to have a total gross floor area of 430,000 sq ft. Mr Tsang said the company was confident of the selling response because overseas companies were desperate for high-quality commercial projects. This was in stark contrast to a Wuhan government official's comment that the pre-sale market in the city was inactive because most companies seeking office space were looking for completed projects. Mr Tsang conceded some companies had lost confidence in buying unfinished projects because 'they have been burnt many times'. However, he said the demand for high-quality office units still existed. A price list had not been finalised but Mr Tsang said the market price for high-quality office units ranged from 743 to 929 yuan (HK$675 to $844) a square foot. Mr Tsang said Wharf intended to use the shopping arcade as a long-term investment, and would lease rather than sell the space. With Wuhan's fast growing economy, he expected positive prospects for the retail market. According to Wuhan officials, the city has achieved a steady economic growth rate of between 13 and 15 per cent in the past two years.
