Movement at the station on big land deals
May 29, 2010, Saturday
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Print Edition
Print Edition
SHENTONG Metro Company recently listed for sale a half share in the train parking station on Wuzhong Road at the Metro Line 10. At a price of about 1 billion yuan (US$146.3 million), it aims to attract a powerful strategic business partner with rich experience in running commercial real estate to develop this huge project of over 550,000 square meters.
The Wuzhong Road parking station of Metro Line 10 is located in the south of Wuzhong Road and west of Hongxin Road. This underground parking station belongs to a public facility which provides spaces for Line 10 trains' parking and repairing. However, when it was under construction, the future development of the ground over the Metro line had already been taken into consideration, such as the weight capability of the underground construction.
Relocated communities
Now, the ground estate project will include a Metro line museum with various commercial and office buildings, occupying an area of over 550,000 square meters.
Over 13 communities and enterprises have been relocated to clear the way for the project.
But different to other policies, the relocated communities and enterprises have rights to 50,000 square meters of the site. According to rent levels of around 1.2-1.5 yuan per square meter a day, it's estimated to net the relocated people a stable income of over 20 million yuan every year.
The area at the western end of the Wuzhong Road Commercial & Industrial Zone contributed over 2 billion yuan of tax revenue last year.
With development of the estate, there will be two new grand projects in the Wuzhong Road Zone.
The Ting Hsin International Group will build its new headquarters and a product research center in an area of 35,000 square meters, north of Wuzhong Road and west of Hongjing Road. As well as the office and research building, the project also involves some catering industry and a parking plaza with over 800 parking spaces, which will solving the parking problem along Wuzhong Road.
At the east of Hongjing Road, there will be a grand Red Star Macalline International Furniture Group store of about 100,000 square meters. When completed, it will feature over 1,000 furniture brands and offer over 2,500 jobs.
The Wuzhong Road parking station of Metro Line 10 is located in the south of Wuzhong Road and west of Hongxin Road. This underground parking station belongs to a public facility which provides spaces for Line 10 trains' parking and repairing. However, when it was under construction, the future development of the ground over the Metro line had already been taken into consideration, such as the weight capability of the underground construction.
Relocated communities
Now, the ground estate project will include a Metro line museum with various commercial and office buildings, occupying an area of over 550,000 square meters.
Over 13 communities and enterprises have been relocated to clear the way for the project.
But different to other policies, the relocated communities and enterprises have rights to 50,000 square meters of the site. According to rent levels of around 1.2-1.5 yuan per square meter a day, it's estimated to net the relocated people a stable income of over 20 million yuan every year.
The area at the western end of the Wuzhong Road Commercial & Industrial Zone contributed over 2 billion yuan of tax revenue last year.
With development of the estate, there will be two new grand projects in the Wuzhong Road Zone.
The Ting Hsin International Group will build its new headquarters and a product research center in an area of 35,000 square meters, north of Wuzhong Road and west of Hongjing Road. As well as the office and research building, the project also involves some catering industry and a parking plaza with over 800 parking spaces, which will solving the parking problem along Wuzhong Road.
At the east of Hongjing Road, there will be a grand Red Star Macalline International Furniture Group store of about 100,000 square meters. When completed, it will feature over 1,000 furniture brands and offer over 2,500 jobs.
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