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Ground broken for new mixed-use project in Shanghai
Mapletree Investments Pte Limited, a China-based real estate company, has broken ground on CNY5 billion ($ 0.79 billion) mixed-use project called Mapletree Minhang Development Project in Minhang, Shanghai.
The Mapletree Minhang Development Project will be developed on a 119,000 square metre land, located in Xinzhuang business district in Minhang at the fringe of Shanghai’s central business district (CBD). It will offer superior connectivity to the Hongqiao airport and High Speed Rail Station.
The new development will offer a gross floor area of 297,000 square metres and will have two components - Mapletree Business City, an office space; and VivoCity, a shopping and lifestyle destination.
Mapletree Business City will be a high quality and cost-effective Grade-A office space, which will encompass a total area of 200,000 square metre and will be able to accommodate 20,000 people. The project will incorporate a host of quality facilities and environmentally sustainable features.
VivoCity will be a destination mall with a gross floor area of 120,000 square metres. The mall will comprise over 280 shops including a supermarket and a cinema, and houses an open-air rooftop garden and a children playground.
The Minhang Development project is jointly developed by Mapletree and MIC Fund. The project will be constructed in three phases. Phase I and III will involve development of the Mapletree Business City, while VivoCity will be developed in phase II. Phase I is scheduled to commence in the first half of 2013 and scheduled for completion by 2015. Upon completion, the project will be the first large-scale commercial and retail development of its kind in the district.
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