ebulletin

December 1, 2023
Shanghai West Bund Financial Hub

Hongkong Land announced its commercial portfolio strategy for expansion on the Chinese mainland earlier this year. The two-pronged strategy, which encompasses its flagship “CENTRAL” premium lifestyle retail series and “The Ring” lifestyle retail series, is focused on developing innovative, sustainable and premium commercial buildings and hubs in the Chinese mainland that cater to the different characteristics of cities across the country.

Hongkong Land also unveiled further details of its Shanghai West Bund Financial Hub. These included a total investment in the project of USD8 billion (RMB60 billion) as part of a joint venture, and the near completion of a new landmark public art centre – named the West Bund Orbit – which has been designed in partnership with the internationally renowned architect Thomas Heatherwick.

West Bund Orbit

Strategically located at the core of Xuhui Waterfront, alternatively known as the Shanghai West Bund, Hongkong Land’s Shanghai West Bund Financial Hub is the largest single project investment ever made by the Group. At twice the size of the Group’s Central Portfolio in Hong Kong, it is expected to become a world-class commercial landmark.

The Shanghai West Bund Financial Hub will have a total development area of approximately 1.1 million square metres, comprising of 650,000 square metres of Grade A office space, 240,000 square metres of luxury and retail space, 160,000 square metres of high-end waterfront residential apartments, and hotel, convention and cultural facilities. All the buildings have obtained LEED and WELL double platinum pre-certification.

Construction is taking place in three phases:

• Phase 1 is primarily residential properties for sale, which will be launched later in 2023. The serviced apartments and parts of the premium lifestyle retail areas are expected to be launched by 2024.

• Phase 2, which is expected to be completed in stages between 2024 and 2026, consists of offices, a hotel, a convention centre and other cultural facilities.

• Phase 3 will consist of offices and luxury retail, as well as a premium hotel and serviced apartments which are expected to be operated by a global high-end hotel brand. Completion is expected in stages between 2026 and 2027.

In the meantime, construction of the West Bund Orbit, a ground-breaking new public art centre, has been proceeding successfully and will be launched to the public by the end of 2023. Its cutting-edge and eco-friendly design will encourage visitors to explore immersive art, while also hosting regular fashion and pop-up art shows from leading global artists and designers.