US-based real estate developer Hines announced this week that its bid had been accepted for a 17,937 square metre site in downtown Shanghai, China, where it plans to develop a 156,000 square metre mixed-use project.
Hines bid of RMB 3.706 billion for the site amounted to RMB 27,256 per sqm, and narrowly edged out a competing bid of RMB 3.7 billion from local developer SOHO China, according to a report in the Shanghai Daily.
The 54-story development will include 134,000 square meters of office and 22,000 square meters of retail space.
The site which Hines purchased, called Site #60, is bordered by Xinzha Lu to the north, Datian Lu to the east, Shanhaiguan Lu to the south and Cixi Lu to the west. It is approximately 200 meters north of West Beijing Road. The project will be directly adjacent to a future subway station along Shanghai’s metro Line 13, which is currently under construction.
According to a statement from the company, the project will anchor a new mixed-use development area, called the Suzhou Creek Riverfront Modern Service Industry Hub, which will be bordered on the north by Suzhou Creek, on the south by a new public park and natural history museum, and to the east by the North/South Elevated Expressway.
Hines Senior Managing Director James Morrison commented, “We are pleased to be acquiring this excellent site in the Jing An District, and we look forward to contributing a new, high-quality office project to Shanghai’s already impressive skyline.”
Hines entered the Chinese real estate market in 1996, and has completed or has under construction more than 743,000 square metres of property in China – 185,000 square metres of which is in Shanghai, including the 50-story 21st Century Tower in Pudong, which houses Shanghai’s newest Four Seasons Hotel.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. Worldwide, Hines manages 406 properties totaling 148.5 million square feet, which includes 78.3 million square feet for third parties. The company has offices in 113 cities in 18 countries, and controlled assets valued at approximately $24.3 billion.