China property firm SOHO China will pay RMB890 million ($130 million) for land-use rights at the ZhongGuanCun SOHO Project, an office and retail complex in Beijing.
The ZhongGuanCun SOHO Project has a construction site area of 5,654 square metres and a total saleable area of 54,260 square metres with 13 storeys above ground and 4 storeys underground comprising commercial, catering, offices and carparks, the company said.
The site will have a 19-story office builidng and 24-story hotel/apartment tower. The office building will have a third-floor lobby linking the tower to a park and other buildings within the development.
A five-star, 377-key hotel is included and the 129 service apartments will be integrated vertically within the tower. A landscaped courtyard, which incorporates three historic trees, will link the freestanding hotel/apartment tower with the office building and planned retail mall.