Giant IFS malls sprout in China
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Listed Hong Kong property developer The Wharf Holdings has two IFS malls under construction in fast-growing Chinese cities.
The new malls are all located in high profile commercial developments and/or linked to metro lines, ensuring high footfalls.
Changsha IFS, located in Furong District’s Jiefang Rd, is best-placed to be “the new landmark of the core CBD,” the group believes.
Modelled on Harbour City in Hong Kong, Changsha IFS boasts a total development area of 1026 million sqm and has retail street frontage exceeding 700 metres. It will be linked underground to a future Wuyi Plaza Station (metro lines 1 and 2) and is in close proximity to one of the busiest pedestrian streets in China (Huang Xing).
It is flanked by financial institutions including the People’s Bank of China on one side and a traditional shopping cluster on the other.
“Such dual cluster can be aptly dubbed as a combination of Hong Kong’s Central CBD, Causeway Bay and Tsim Sha Tsui,” the The Wharf Holdings in a briefing document.
The development features a 452-metre tower and a 315-metre tower above a mega mall of 230,000 sqm, offering upscale retail, Grade A offices and a premium hotel. Designed by Benoy, the retail mall will offer world-class lifestyle, retail, entertainment, and dining offering under one roof. The development will be completed in phases from 2016.
Chongqing IFS is strategically located in Jiangbei District, Chongqing’s new CBD, where the Yangtze River meets the Jialing River.
“Chongqing IFS enjoys a fabulous panoramic river view and convenient connectivity through three nearby bridges,” says The Wharf.
With light railway lines 6 and 9 set to pass that area with respective stations nearby, the development is adjacent to the Chongqing City Grand Theatre, the Chongqing Science Museum and the Central Park. The 50:50 joint venture development (with China Overseas) features a 300-metre landmark tower and four other towers above a 102,000 sqm retail podium. The boutique-sized Harbour City, providing a wide and dynamic range of offerings, is positioned to be a one-stop shopping and entertainment hub.
Retail leasing is progressing well with more than 50 per cent of the floor plates under offer. Key anchors and other international retailers across different categories are in negotiations. The office towers are gradually being completed with the entire development scheduled to be open in 2016.
Questions & Answers
Q.What is the expected completion timeline for these two IFS mall developments?
What is the expected completion timeline for these two IFS mall developments?
The Changsha IFS development is scheduled to be completed in phases starting from 2016. The entire Chongqing IFS development is also scheduled to be open in 2016.
Q.Which company is developing these IFS malls, and are there any joint venture partners?
Which company is developing these IFS malls, and are there any joint venture partners?
The Wharf Holdings, a listed Hong Kong property developer, is building both IFS malls. The Chongqing IFS is a 50:50 joint venture development with China Overseas.
Q.How are the developers ensuring high visitor numbers for the new malls?
How are the developers ensuring high visitor numbers for the new malls?
The new malls are in high-profile commercial developments and/or linked to metro lines for high footfalls. Changsha IFS is also near a busy pedestrian street and flanked by financial institutions and a traditional shopping cluster.
Q.What types of facilities beyond retail will these IFS developments offer?
What types of facilities beyond retail will these IFS developments offer?
Changsha IFS will feature upscale retail, Grade A offices, and a premium hotel. Chongqing IFS will also have a retail podium, with office towers gradually being completed.
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