Chengdu property developers release premium projects as outlook improves
Domestic firms in the finance, trade, technology and professional services sectors sign new leases or extend existing contracts
Chengdu’s office property market has rebounded this year after significant oversupply in 2016. Much of this demand has been driven by preferential policies of district governments which have encouraged domestic firms, especially in the finance, trade, technology and professional services sectors, to sign new leases or to extend existing contracts.
Some property developers have seized the opportunity to release premium large-scale mixed-use or commercial projects, which had been put on hold earlier because of sluggish market conditions.
AVIC Real Estate Holding has launched the AVIC International Financial Centre in Chengdu’s southern central business district, close to Chengdu’s Municipal Government and upscale shopping malls, and a short walk from Metro Line No. 1 Chengdu Financial City Station.
Expected to be available to lease later this year, the integrated development includes twin commercial blocks of 24 stories that provide grade A office space, and one block of 32 stories that houses serviced apartments and a shopping arcade on the lower floors. It has a gross floor area of 127,462 square metres, including 100,071 square metres of commercial space.
“Understanding that social sustainability will be paramount to the project’s success, we took our inspiration from Sichuan’s incredible landscapes along with colours and spices found in the province’s culture and cuisine,” says a spokesman for American design and architecture firm Gensler, the chief designer of the mixed-use project. “In two different schemes – Paragon Twin Towers and Wonder Wall – our design team created desirable places for office workers and shoppers alike. One features two parallelogram office towers that shift and re-shift as they rise; the other features heavy landscaping, including a green roof, and towers that appear to unfold as they rise.”
AVIC has also launched its AVIC City Centre located in Tianfu New District. Situated right next to the Hi-Tech District, AVIC City Centre is a five-minute walk from Metro Line No. 1 Hi-Tech Station. Built on a 20,000-square-metre plot, AVIC City Centre has a gross floor area of 202,040 square metres. The 22-storey building’s designs were developed by international architectural firm CallisonRTKL. The building is the first grade A office development in Chengdu’s southern CBD that has attained LEED accreditation, with features including the hollow Low-E curtain wall which provides efficient insulation of heat and noise, while conserving energy.
More office space will be available at the China Overseas International Centre on Jiao Zi Avenue in Chengdu’s Hi-Tech District. Block H and I are under construction and expected to be available to lease by the end of the year. The two blocks will provide 162,170 square metres of grade A office space. The property is developed by China Overseas Land and Investment which has been active in leasing and managing premium office buildings in Chengdu and other major Chinese cities through its Zhonghai International Centre, Zhonghai Square, and Zhonghai Plaza brands.