Ground-breaking ceremony of REDEVCOs first project in China (CN)

REDEVCO Asia, co-owner of Wuhan Tiandi Riverview Plaza, officiated the ground-breaking ceremony with its partner Shui On Land on 17 November. The shopping center in Jiang'an District in Wuhan will offer 109,000 m² of retail space spread across more than 250 stores, and will also provide 1,900 parking spaces.

The ground-breaking ceremony also marks the start of construction work on the overarching new mixed-use Wuhan Tiandi Corporate Zone. This development includes the Wuhan Tiandi Riverview Plaza, a lifestyle shopping mall designed and managed to international standards, as well as a unique CBD featuring a number of office towers facing the Yangtze River, a landmark close to the city center.

The 50/50 joint venture between REDEVCO Asia and Shui On Land for the Wuhan Tiandi Riverview Plaza combines the valuable expertise of the two industry leaders in retail real estate and property development. With a grand opening scheduled for the second half of 2013, Wuhan Tiandi Riverview Plaza is set to become an exciting shopping destination for the inhabitants of Wuhan as well as Central China.

"We are proud to start construction work on this high-quality retail project. Wuhan Tiandi Riverview Plaza will be an attractive and inspiring state-of-the-art shopping mall and will be a new landmark for the fast-growing city of Wuhan," said Robert Lie, Managing Director of REDEVCO Asia.

"Owing to the strong development experiences of Shui On Land in mainland China, Wuhan Tiandi has increasingly become a shopping and leisure hot spot among Wuhan inhabitants. The partnership of two strong industry leaders, Shui On Land and REDEVCO, will introduce a more comfortable and internationalized commercial environment creating a landmark shopping centre in Wuhan as well as Central China," said Freddy Lee, Managing Director of Shui On Land Limited.

The total investment in Wuhan Tiandi Riverview Plaza is c. RMB 1.8 billion (€200 mln.). With a gross floor area of 109,000 m², the center will have a GLA of close to 70,000 m², comprising international brands, popular fashion chains, lifestyle storesF&B and cinema. It will also have space for 1,900 cars, direct train connections and bus bays.


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