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GuocoLand starts construction on Shanghai mixed-use project

GUOCOLAND started work on Tuesday on a new office project in Shanghai's Changfeng neighbourhood, where it has already launched other developments.

Guoco Changfeng City, which has a gross floor area of 2.1 million square feet, is slated for completion in 2021 and will have a direct connection to a planned metro station.

The project in the Changfeng Eco Business District will house two 18-storey Grade A office towers and two low-rise office blocks, as well as a centre with retail and entertainment amenities, according to materials provided to the media.

GuocoLand did not disclose the investment size. But according to its latest annual report, the potential gross development value of Guoco Changfeng City comes in at roughly six billion yuan (S$1.19 billion).

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The group said that Guoco Changfeng City has been designed to meet both the Leadership in Energy and Environmental Design Platinum Pre-certification for green buildings, and WELL Gold Certification for the well-being of its human inhabitants, with features such as rooftop solar panels, room for showers on every office floor, electrical floor heating in the lobby and intelligent toilet housekeeping.

GuocoLand group president and chief executive Raymond Choong called Guoco Changfeng City "the final phase of our long development history in the Changfeng area".

He added in a statement: "GuocoLand remains committed to China, one of our core markets, and we will continue to seek opportunities to build scale and deepen our presence in China."

GuocoLand last closed down on Monday by S$0.02 or 1.16 per cent at S$1.70.