SHKP Quarterly

ITCprojectprogressingwellwithOneITCalreadycompleted 徐家匯國貿中心項目進展良好 第一期國貿匯經已落成 It has always been the Group’s approach to adopt a selective investment strategy for its business development on the mainland, focusing on prime locations in tier-one cities. ITC, the Group’s mega integrated project in Shanghai, is a shining star among the Group’s developments that has been drawing much attention, thanks to its outstanding design, prime location and convenient transportation network. The project is being developed in phases and construction has been progressing smoothly. The office space in One ITC has been well received by the market since it is made available for leasing. A prime site endowed with unique advantages ITC is located in the heart of Xujiahui, one of the most prosperous commercial hubs in Puxi. Comprising super grade-A offices, premium retail space and a luxury hotel, it spans four lots with a gross floor area of around 7.6 million square feet, which is roughly the size of both Shanghai IFC and Shanghai ICC combined. The space is sufficiently vast enough that various commercial activities can be incorporated within the complex to provide a diverse experience for customers. Following its full completion, ITC is poised to introduce a refreshing, significant change to the skyline of Shanghai. It is also linked to an interchange station for three existing and two future metro lines, offering easy transportation access around the greater metropolitan area. Promising office leasing in phase 1 One ITC on Huashan Road, phase 1 of the project completed last year, comprises two office towers of about 170,000 square feet of gross floor area and a mall spanning about 340,000 square feet. The office space has been handed over to tenants and various multinational corporations have already moved in, including two reputable tenants Marriott and WeWork, a US co-working space provider. The current occupancy rate is approximately 70%. Meanwhile, enhancement work is being carried out in the mall, and leasing is coming along well. Prospective tenants include renowned luxury brands and restaurants, offering al fresco dining and high-quality entertainment facilities. Phased construction underway as slated Due for completion in the second half of this year, phase 2 of ITC will provide about 320,000 square feet of offices and about 43,000 square feet of retail space. Pre- leasing is underway with positive market responses. Construction of the remaining phases, which will feature office towers, shopping malls and a five-star hotel, is progressing on schedule. The entire project is expected to be completed in 2023, which will bring a fresh impetus to the economy of Xujiahui and further strengthen the district’s position as a prominent central business district in Shanghai. One ITC, phase 1 of ITC, was completed last year 徐家匯國貿中心第一期國貿匯於去年竣工 One ITC includes two office towers and a shopping mall 國貿匯由兩幢寫字樓和一個商場組成 24 Business News - Mainland Vol 87 • Q1 2018 • SHKP Quarterly