Mega commercial real estate projects on either side of Shanghai’s Huangpu River raise the stakes
At 370 metres in height, one of the ITC’s two office towers is expected to be the tallest structure in Puxi. The construction of phase one started in November 2014
The skylines on either side of Shanghai’s Huangpu River are set to change significantly as several mega projects are slated to get underway in the coming years.
The International Trade Centre (ITC) in the Xujiahui commercial hub in Puxi is among the most highly anticipated projects. Developed by Sun Hung Kai Properties China, the ITC site measures 100,000 square metres. On completion, the total gross floor area of ITC will be around 580,000 square metres above ground, which is nearly the same as the combined total GFA (gross floor area) of Shanghai ICC and Shanghai IFC, a spokesman for the developer says.
At 370 metres in height, one of the ITC’s two office towers is expected to be the tallest structure in Puxi. The construction of phase one started in November 2014.
“The space of ITC is sufficiently enormous that we can incorporate various commercial activities within the complex to provide [a] diverse experience to customers,” the spokesman says.
“The first phase, composed of two office towers and a retail podium, will be unveiled in the first quarter of 2017. It is located at the intersection of Hua Shan Road and Guang Yuan Road. The total GFA is around 30,000 square metres above ground.”
The design company for the main lot is Pelli Clarke Pelli, which is widely known for its designs for some of the world’s tallest buildings. Completion of ITC is expected to be in 2022. “The launch of ITC will bring a fresh supply of premium grade-A offices and luxury shopping malls to Xujiahui central business district and will upgrade the whole CBD,” the spokesman says. “Considering its superb location and outstanding quality, it will surely become the new landmark of Shanghai. Even at this stage, the project has received encouraging market responses.”
Across the Huangpu River in Pudong, the vibrant Lujiazui commercial area has undergone major expansion with a series of large-scale projects slated for completion over the next few years. Among them is the Pudong Financial Plaza. Consisting of three mega-office towers, a shopping mall and a four-storey underground car park, Pudong Financial Plaza will offer a combined floor space of 450,000 square metres. Construction is expected to be completed by the end of 2018.
Shanghai’s CIFI Group has launched a massive real estate project in Lujiazui’s Yangjing area. The mixed-use development covers about 87,000 square metres and features residential, office and commercial areas. Meanwhile, the old Shanghai Shipyard site has undergone an extensive renovation project by the state-backed conglomerate CITIC and the China State Shipbuilding Corp. The planned floor area is expected to reach 847,000 square metres. It will be completed in three stages and features office buildings, shops, residences, and hotels.