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Tishman launches property project
By Cao Qian |
June 23, 2011, Thursday
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Print Edition
Print Edition
TISHMAN Speyer Properties yesterday announced the launch of The Springs, a big new community in New Jiangwan Town in northeast Shanghai's Yangpu District, more than three years after the company acquired the land plot.
With a total investment of US$2.5 billion, the mixed-use project covers a land area of more than 267,000 square meters with a total buildable space of more than 900,000 square meters. Upon completion, it will become one of the largest urban complexes in China.
"The Springs represents Tishman's largest development in China so far and the first in Shanghai," said Jerry Speyer, chairman and co-chief executive officer of Tishman Speyer. "It demonstrates our long-term commitment to the China market, which has long captured our captivation. We are honored to be the developer of this great project."
Shanghai Chengtou Holding Co Ltd is the local partner of Tishman for the project. In November 2010, Chengtou, through one of its subsidiaries, acquired a 36 percent stake in The Springs from New York-based Tishman for 2.661 billion yuan (US$411 million), the Shanghai-listed developer said earlier.
The first phase of the project, comprising about 900 apartment units and some retail space, is scheduled to be completed by 2014. Construction of the second phase will begin next year. The third and final phase will include Grade-A office buildings, serviced apartments, hotel and retail development, as well as entertainment facilities.
With a total investment of US$2.5 billion, the mixed-use project covers a land area of more than 267,000 square meters with a total buildable space of more than 900,000 square meters. Upon completion, it will become one of the largest urban complexes in China.
"The Springs represents Tishman's largest development in China so far and the first in Shanghai," said Jerry Speyer, chairman and co-chief executive officer of Tishman Speyer. "It demonstrates our long-term commitment to the China market, which has long captured our captivation. We are honored to be the developer of this great project."
Shanghai Chengtou Holding Co Ltd is the local partner of Tishman for the project. In November 2010, Chengtou, through one of its subsidiaries, acquired a 36 percent stake in The Springs from New York-based Tishman for 2.661 billion yuan (US$411 million), the Shanghai-listed developer said earlier.
The first phase of the project, comprising about 900 apartment units and some retail space, is scheduled to be completed by 2014. Construction of the second phase will begin next year. The third and final phase will include Grade-A office buildings, serviced apartments, hotel and retail development, as well as entertainment facilities.
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