Of the US$11.5 billion, the land and development costs were about US$4.3 billion and US$9 billion, respectively. The total constructed floor area will be 3 million sq m, comprising 240,000 sq m of retail space, 650,000 sq m of Grade A offices, 160,000 sq m of high-end waterfront luxury residences, two hotels operated by Mandarin Oriental Hotel Group (55,000 sq m) and over 50,000 sq m of cultural and art venues.
If there is one property company that has placed a big bet on China property, it is Hongkong Land (HKL). At first glance, based on its investment properties, HKL’s largest exposure is to the Hong Kong office sector, followed by the Hong Kong retail sector and the Singapore office sector. Its mainland China retail exposure is, surprisingly, relatively small, comprising The Ring Chongqing, the recently opened The Ring Chengdu and WF Central Beijing. However, there will be a lot more malls in China soon.
On Nov 28, 2024, HKL officially unveiled West Bund Central in Shanghai comprising residences, offices, hotels and retail, its largest-ever single investment. The total development cost to HKL is US$11.5 billion ($15.3 billion), many times larger than Raffles City Chongqing, where the total cost was around RMB20 billion.
