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Shui On in tie-up with hotel unit for project
By Cao Qian |
June 18, 2011, Saturday
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Print Edition
Print Edition
SHUI On Construction and Materials Ltd, a subsidiary of the Shui On Group, yesterday officially unveiled its hotel and serviced residence project in Shanghai.
In partnership with Four Seasons Hotels and Resorts, the Hong Kong developer is further diversifying its real estate portfolio with the 21st Century Tower, a 49-story, 92,000-square-meter building consisting of office and residential spaces in Little Lujiazui area of Pudong New Area.
The project comes about six months after SOCAM acquired HPL-Hines Development Pte, which owned a 70 percent stake in the tower, which is just a stone's throw from the Shanghai World Financial Center, one of the tallest skyscrapers in the country.
Under the company's plan, a 183-room Four Seasons hotel - the second in Shanghai - will open on the upper levels of the tower as early as the first half of next year while a 73-unit Four Seasons-brand serviced apartment, located on the top floors of the building, should also get ready for sale around the same time.
"We're really excited to join forces with Four Seasons, a well-known hospitality brand in the world, in this Lujiazui project which actually marks SOCAM's first major attempt to tap into the luxury hotel and brand residence market," said Philip Wong Kun To, chief executive officer of SOCAM.
Four Seasons, which first entered the China market in 2002 by opening a hotel in Shanghai, has already secured 10 other properties, in various stages of construction, across the country, according to Kathleen Taylor, president and chief executive officer of Four Seasons, a Canada-based hotel group.
In partnership with Four Seasons Hotels and Resorts, the Hong Kong developer is further diversifying its real estate portfolio with the 21st Century Tower, a 49-story, 92,000-square-meter building consisting of office and residential spaces in Little Lujiazui area of Pudong New Area.
The project comes about six months after SOCAM acquired HPL-Hines Development Pte, which owned a 70 percent stake in the tower, which is just a stone's throw from the Shanghai World Financial Center, one of the tallest skyscrapers in the country.
Under the company's plan, a 183-room Four Seasons hotel - the second in Shanghai - will open on the upper levels of the tower as early as the first half of next year while a 73-unit Four Seasons-brand serviced apartment, located on the top floors of the building, should also get ready for sale around the same time.
"We're really excited to join forces with Four Seasons, a well-known hospitality brand in the world, in this Lujiazui project which actually marks SOCAM's first major attempt to tap into the luxury hotel and brand residence market," said Philip Wong Kun To, chief executive officer of SOCAM.
Four Seasons, which first entered the China market in 2002 by opening a hotel in Shanghai, has already secured 10 other properties, in various stages of construction, across the country, according to Kathleen Taylor, president and chief executive officer of Four Seasons, a Canada-based hotel group.
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