A new commercial real estate development in China was recently announced by Surbana Corporation, as the company will partner with Mitsubishi Estate Co to create the residential property.
The property will be developed in the Swan Lake Area in Chengdu's Longquanyi District. It will span approximately 804,000 square feet, with a leasable area of 3.2 million square feet. In total, this would equal approximately 3,400 homes. The property was purchased for 677 million yuan (USD $106.2 million), and 70 percent of the development will be owned by Surbana, with MEC receiving the other 30 percent. The project is expected to be completed in two phases.
"Given MEC's stellar reputation and solid experience as a premier international developer, we are confident that our strategic tie-up will strengthen development capabilities of the project company and greatly enhance the branding of the Longquanyi township," said Tan Kiang Hwee, CEO for Surbana Corp.
While this is the first time MEC has had any interests in China, this is the fifth project Surbana has started in the country.