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Mapletree starts work on south China project

Posted on 19 Nov 2009 | Comments Off

Mapletree Investments yesterday unveiled plans for the US$342 million first phase of its Nanhai Business City, a mixed-use development in Foshan City, China.

Twenty high-rise apartment blocks with about 2,000 residential apartments and a four-storey retail mall called VivoCity@Nanhai will be developed in phase one, Mapletree said.

Nanhai Business City is the group’s first commercial project in south China and its largest project so far.

The project is being developed by a Mapletree- sponsored private real estate fund called Mapletree India China Fund, which holds 80 per cent of a joint venture company set up to develop the project. The remaining 20 per cent is held by local Chinese partner Pan Shun Ming, who is chairman of Southern Packaging.

Nanhai Business City is the Mapletree fund’s third investment in China.

Mapletree celebrated the ground-breaking ceremony for phase one yesterday. This phase, expected to be completed by 2013, involves the development of 10 hectares of land into the high-rise residential blocks and retail mall.

The residential component will also have facilities such as a recreation centre, gymnasium, cafe, basketball court, indoor and outdoor swimming pools and themed gardens. The first batch of 270 units will be ready for sale in the third quarter of 2010.

VivoCity@Nanhai, the four-storey retail mall, will have about 100,000 sq metres of gross floor area. Mapletree said the mall will incorporate the ’successful attributes’ of its VivoCity shopping mall in Singapore.

The entire Nanhai Business City will cover more than 35 ha and will be developed in four phases over the next five to eight years.

‘Our investment in Nanhai Business City underscores the importance of South China as an investment location for Mapletree, particularly, the Nanhai district in Foshan City,’ said Mapletree chief executive Hiew Yoon Khong.

He said Mapletree is evaluating several other suitable investments in China and India for its US$1.16 billion Mapletree India China Fund, which was set up to fund the group’s expansion in these countries.

Source : Business Times – 19 Nov 2009

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Posted in Developers, Overseas Property

Tagged China Property, Mapletree, Mapletree Investments, Nanhai Business City

Mapletree in talks to lease more space

Posted on 24 Sep 2009 | Comments Off

Business park has leased 40% of space to major firms

MAPLETREE Investments Pte Ltd said yesterday that it is in advanced negotiations to pre-lease another 15 per cent of space at its Mapletree Business City.

Mapletree Business City: The park will have environmentally friendly features like full, double-glazed curtain walls for all its buildings to reduce the heat load

This follows the 40 per cent of its space that has already been pre-leased to tenants such as HSBC, Amex, Unilever and German software major SAP ahead of the business park’s expected completion next year

At the topping-out ceremony of the business city yesterday, the fully-owned unit of Temasek Holdings said that it expects to close the deals to pre-lease the 15 per cent of space soon. It declined to provide additional details on the negotiations.

Mapletree Investment’s chairman Edmund Chen said that the company’s ability to secure pre-leasing with major tenants such as HSBC is due in part to approaches such as the signing of longer leases of six to 10 years.

This ‘gives our tenants a reasonable time frame to amortise their set-up or relocation costs, while providing rental certainty against the vagaries of the market’, said Mr Chen.

‘We also allow our tenants the flexibility of scaling up their space requirements by taking up additional space within the same stack of space in the buildings.’

When completed in 2010, the park – which will have a total lettable area of 1.73 million sq ft – will be linked to the company’s two other properties, The Comtech and PSA Building. It will also boast facilities such as a gym, a Wi-Fi enabled alfresco dining area and a heated lap pool.

The business park will also have environmentally friendly features like full, double-glazed curtain walls for all its buildings to reduce the heat load.

Source : Business Times – 24 Sep 2009