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September 24, 2009

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Home » Business » Real Estate

Bids invited for prime financial Bund site

THE Shanghai government is inviting developers to bid on a property site in the Bund area that city officials want to turn into a center dominated by financial institutions.

The 5.7-hectare area is just south of the historic stretch of the Bund that was once regaled as the Wall Street of the Far East and is now a must-see stop on the tourist circuit.

"The new project area will retain the image of the surrounding historic buildings on the Bund," said Xu Jian, director general of the Huangpu District's Urban Planning and Land Resource Administration Bureau.

The property going under the hammer is part of a city master plan to turn itself into a global financial center by 2020.

The redevelopment will complement the existing 76 financial institutions already doing business on the Bund to the north and the Lujiazui financial district across the river in Pudong New Area.

Xu didn't disclose how much the plot might fetch or how many developers may participate in the bidding.

Now vacant, the site was once home to 2,300 households and more than 200 companies. About 180,000 square meters of dilapidated buildings were razed to make room for the new financial area.

It is located near the underground roadway, the Renmin Road tunnel to Pudong and the Shiliupu Dock in Huangpu District.

The site to be auctioned will be divided into three parts, providing a visual bridge between the historic protected buildings to the north and more modern architecture to the south.

It will provide 270,000 square meters of building space above ground and 100,000 square meters of developable space underground. All buildings will be 180 meters or lower in height.

Office buildings will comprise 70 percent of the space, with the remainder devoted to hotel and leisure facilities.

The northernmost part of the site, from Xinkaihe Road to Longtan Road, will become a 1.2 hectare park above the underground traffic lanes.


A middle area, from Longtan Road to Fengjing Road, will feature low-rise office buildings and supporting facilities. Skyscrapers will be relegated to the southernmost part of the site to create a harmonious skyline along the Bund.

"The plot is ready for development," Xu said at a press briefing yesterday. "The area will mirror the modern skyscrapers of the Lujiazui area across the river, adding more beauty to the skyline of the Bund."

The site to be auctioned is part of an ambitious 260-hectare project the city calls "the Bund financial cluster area."

The grand plan stretches 4.8 kilometers along the Huangpu River, incorporating the 38 banks, 15 securities firms and 11 bond companies already doing business there.

The master plan also calls for the renovation of 47 historic buildings and the construction of 1.8 million square meters of office space.


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