A Shanghai government developer has agreed to pay RMB 7.14 billion ($1.02 billion) for a site in the city’s Pudong district, where it will build a mixed-use commercial and residential complex featuring a 320-metre (1,050-foot) supertall tower.
Shanghai Zhangjiang High Tech Park Development nabbed the 58,225 square metre (626,728 square foot) site in the centre of Zhangjiang High Tech Park for the equivalent of RMB 16,786 per square metre of gross floor area, according to a filing to the Shanghai Stock Exchange.
The developer of the technology park east of the Huangpu River was the sole bidder for the site at a government land sale in late October.
The site is approved for the construction of 425,355 square metres of offices, retail and rental housing, including a megatall skyscraper that will complement a neighboring 320-metre tower to be developed by Lujiazui Group. If completed today, the twin towers that will rise near Xuelin station on metro line 13 would rank as the city’s fifth-tallest buildings as well as the only supertalls located outside of Shanghai’s core districts.
Bringing Homes to Zhangjiang
The tender conditions call for the new project, which encompasses three land parcels as well as public green space and some underground space, to deliver at least 369 rental housing units in keeping with the central government’s push to expand the stock of rental housing in China’s largest cities.
The project will also feature interactive, experience-led retail facilities and an office component designed to attract corporate headquarters, academic research, media and cultural industries. The skyscraper is required to begin construction by March 31, 2020.
State-run Lujiazui Group picked up the adjacent site for RMB 9.1 billion ($1.28 billion) in September, with plans to build six high-rise buildings ranging in height from 100 to 200 metres in addition to the supertall. The project, mandated to be completed within 72 months of the land sale, is earmarked for 510,897 above-ground square metres of offices, rental housing and space for other businesses.
The two neighboring developments will form a landmark mega-project dubbed Kexue Zhimen (Science Gate) located six subway stops east of the Lujiazui financial district, which was developed under the administration of Lujiazui Group and is currently home to the city’s two tallest buildings, Shanghai Tower and Shanghai World Financial Centre.
High-Tech Park Heats Up
Zhangjiang High Tech Park Development noted in the filing that its newest Pudong project would further enhance the industrial park that the Shanghai Municipal Commission of Economy and Information has named as one of the city’s four hubs for the development of artificial intelligence.
The land sale came about a month after Keppel Land China, the mainland property arm of Keppel Corporation, agreed to buy a completed commercial property in the high-tech park known as the Zhangjiang Micro-electronic Port Block 3 for RMB 493 million ($69.23 million).
Last year, a consortium of local state-run firms won a public tender for a 250,000 square metre plot located two subway stops west of Zhangjiang High Tech Park for RMB 13.8 billion ($2.2 billion). The enormous site will yield 1.4 million square metres of office and retail space, creating a mega commercial complex in Pudong district.