NewShanghai developer taps SHKP's rail project expertise for metro complex

Shanghai Industrial Urban Development Group (SIUD), a subsidiary of Shanghai Industrial Holdings, said it would team up with Sun Hung Kai Properties to build an integrated development project worth an estimated 10 billion yuan in one of Shanghai's oldest transport interchange hubs.

The proposed residential-office-retail-hotel project sits on top of the 20-year-old Xinzhuang metro station. The current terminus for subway lines 1 and 5 will become a 6.51 million-square-foot complex as well as a link to the Shanghai-Hangzhou and Jinshan railway lines over the next seven years.

"SHKP's expertise in building large-scale developments along Hong Kong's MTR railway lines, plus our strong relationship with the municipal government, would definitely create a powerful alliance in the urban renewal project," chairman Ji Gang said.

SIUD is 71 per cent owned by Shanghai Industrial, which in turn is controlled by Shanghai's municipal government.

The project, Todtown, will comprise 1,000 units and serviced apartments; a 133,000 sq metre shopping mall; a 270-room boutique hotel and 50,000 sq metres of office space.

The project, which is slated to be completed in phases from 2018 to 2020, will have 3,300 car-parking slots.

SIUD has an attributable interest of 20.7 per cent in the project, while SHKP controls 35 per cent. The balance is held by the local government. Construction work started in June last year.