Hongkong Land has held the foundation stone laying ceremony for its West Bund Financial Hub development in Shanghai, China. Design and planning is currently underway and construction is scheduled to start from early 2021, said the developer. Upon completion, the project will comprise Grade-A offices, a retail mall, luxury hotels, residences, a convention centre as well as cultural, sports and other facilities.
The 23.1-ha site is located on the riverfront of Shanghai’s Xuhui District. According to Hongkong Land, following the municipal and district governments’ ambitious plans to create a new international financial centre, the project is moving forward according to schedule and will be developed over five phases until 2027, with a total GFA of over 1.1 mil sq m.
Hongkong Land said it intends to leverage its extensive experience in developing and managing best-in-class prime properties across Greater China and Southeast Asia - including its iconic buildings in Hong Kong and Singapore - to deliver a waterfront development that will be highly tech-enabled, sustainable and liveable.
Robert Wong, chief executive of Hongkong Land reiterated, “The West Bund Financial Hub project is swiftly moving ahead, with strong support from the municipal and district governments as well as business leaders in Shanghai. We are proud to capitalise on Hongkong Land’s unparalleled experience and resources in prime property development and management, as well as our reputation for bringing ambitious plans into fruition.”
He added, “With the total investment for the West Bund Financial Hub estimated at approximately US$8 billion, we look forward to pushing on with the next step in this landmark development following the recent foundation stone laying ceremony.”
The West Bund Financial Hub development is expected to compete with existing commercial centres such as Lujiazui (Pudong), Huangpu, Jing’an and Xujiahui to be the most prestigious in Shanghai. Hongkong Land mentioned that the project is already generating significant interest amongst firms in the financial and technology sectors.
Images: Hongkong Land