Work on a 30-storey, 190,000-square-meter upmarket commercial project has started in Shanghai’s Changning District.
The RMB1.3 billion ($190 million) Gubei GIFC II, in southwestern Gubei new area, will consist of Grade-A offices and high-end retail facilities and is due to be completed by the end of 2011, according to its developer Shanghai Gubei.
Yu Lin, a marketing official with the group, said, ‘Gubei GIFC is our first commercial project. This is a trial we’ve made to tap into another sector in addition to major residential developments.’
The 40,000-square-meter first phase on Hongqiao Road, which began construction in 2004, meanwhile, is now ready for leasing with nearly 20,000 square meters of office space and 3,500 square meters of retail space available, the company said.
The project will comprise three phases and will have a combined gross floor area of 330,000 square meters.
Source: Shanghai Daily