Valued at $352 million, the project is being developed by Scarborough Developments (China) Ltd., a wholly owned subsidiary of London-based Scarborough Property Company plc, and Top Spring International Corp., a Hong Kong-based real estate company.
Changzhou has a population of around four million people and is situated approximately 160 kilometers from Shanghai. The 2.5-million-sf first phase of Landmark Commercial Center will incorporate four floors of prime department and food store retail and shop space. Demolition and site clearance are already under way and construction of it will commence in July 2004, with completion in December 2005. Negotiations have started for the pre-sale of a major portion of the retail center.
The second phase will consist of a 50-story, 300-room hotel and two 30-story residential towers with 600 units constructed above the shopping mall. This phase will commence in August 2005, with full completion of by December 2006.
Scarborough Developments set up shop in Shenzhen six months ago. Susan Tham, the company's Shenzhen-based director says the company also is in the process of establishing a business center division in a 30,000-sf property in the Shenzhen CBD as well as an apartment management business with Singaporean partner Centrepoint Properties Ltd.
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